UPDATE: LinkedIn Buys Bright in $120M Deal

LinkedIn,

, the world's largest professional network on the Internet with approximately 277 million members worldwide, today announced it agreed to acquire Bright, a company that leverages data insights and matching technology to connect prospects and employers. The transaction is valued at approximately $120 million, subject to adjustment, and consists of approximately 73 percent stock and approximately 27 percent cash. The stock being issued in the transaction will be done so in a private placement. Subject to the completion of customary closing conditions, the acquisition is expected to close during the first quarter of 2014.