In its largest-ever acquisition, LinkedIn has bought job matching service Bright for $120 million USD. LinkedIn is the largest and most popular social network centered around showcasing and furthering members’ professional goals. Bright uses advanced mathematical algorithms to match qualified users to employers who may overlook their applications.
Bright’s founder Eduardo Vivas makes it clear in their press release that Bright wanted to take their matching service to the next level. Vivas makes the point that together the two companies can help revolutionize the job market, and that bringing Bright’s services to more customers through LinkedIn’s vast network will help everyone out in the long run:
We decided to join LinkedIn because of what we lacked – the ability to apply this technology across the entire economy. We share LinkedIn’s passion for connecting talent with opportunity at massive scale. And we agree that the old models for online recruiting are hopelessly broken. Our focus in this endeavor was always the individual – the broken hiring process hurts our economy at a macroeconomic level, but the most acute pain is at the household level.
The buyout will transfer the engineering and product divisions under LinkedIn’s control in the coming weeks.
Read the full press release, written by Vivas, over at Bright’s blog, or below.
Bright launched three years ago with an audacious vision: to use data science to enable the labor market to operate more efficiently. This afternoon, we announced that we will be acquired by LinkedIn. We started this business in the shadow of the worst recession of our generation. We heard stories of talented people applying to dozens, even hundreds of jobs, without hearing back. We heard stories of recruiting teams doing their best to screen through the mountains of incoming resumes. Today, employers complain that there are no qualified applicants, yet qualified applicants often have their resumes overlooked. This marketplace inefficiency called for a technological solution and we resolved to heed that call.
We assembled an incredible team. In their previous lives, they had been nuclear physicists, astrophysicists, geophysicists, neuroscientists, organizational psychologists, teachers (for America), and even a five-time Jeopardy champion. They were brought together by a belief that finding a job should be easier than splitting an atom. We then commissioned the first large scale, controlled clinical trial of talent matching. We recruited hundreds of talent acquisition professionals and asked them to tell us if they would advance specific candidates in the hiring process for specific jobs. Based on these judgments, we were able to identify the relevant features that lead to successful hiring and build them into our matching algorithms. Along the way, we learned many valuable (and often amusing) lessons about the hiring process, which we published on Bright Labs. In the last two years, we’ve calculated billions of scores. Many different independent analyses have validated that we are the best at what we do and we’re very proud of our work.
We decided to join LinkedIn because of what we lacked – the ability to apply this technology across the entire economy. We share LinkedIn’s passion for connecting talent with opportunity at massive scale. And we agree that the old models for online recruiting are hopelessly broken. Our focus in this endeavor was always the individual – the broken hiring process hurts our economy at a macroeconomic level, but the most acute pain is at the household level. Joining an organization with the talent and resources of LinkedIn will only serve to further ignite our passion for solving this problem. We may become less visible than we were before, but it’s now more likely than ever that you’ll feel the impact of our work.
Source: The Next Web
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Last Updated on July 4, 2014.