Microsoft reaches agreement to buy Yammer for $1.2 Billion

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(Best Syndication News) - Microfsoft Corp. (Nasdaq: MSFT) announced today that they have reached a definitive agreement with Yammer Inc. to purchase the social networking company for $1.2 billion in a cash purchase deal.

Yammer is essentially a social network for businesses to allow employees to collaborate, share files, and exchange ideas. The company has over 5 million corporate users; over 85 percent of them come from a Fortune 500 company. Yammer offers a free version and offers paid upgrades for more features. Yammer is a relatively young company that was launched in 2008.

Once the acquisition is complete, Yammer will become part of the Microsoft Office Division. Yammer’s CEO David Sacks, will still oversee this department, but will be under the leadership of Microsoft Office Division President, Kurt DelBene.

Microsoft CEO, Steve Ballmers, said in a statement that Yammer adds to Microsoft’s expanding portfolio of corresponding cloud services.

Before the purchase of Yammer is completed, regulatory approval as well as meeting customary closing conditions must occur first.

Microsoft shares closed at $29.86, which was down 84 cents (-2.72%).

By: Dave Reddy

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