TNI Bureau: Microsoft is reportedly on its way to purchase business software firm Yammer and it has also been reported that Yammer Inc has agreed to sell itself to Microsoft.
Yammer Inc, which was launched in 2008, is synonymous to Facebook as it creates private social networks inside companies and also has file-sharing tools and other software. Yammer raised $85 million in February, with its total funding reaching $142 million then.
The Wall Street Journal has reported that Yammer Inc. agreed to sell itself to Microsoft Corp. for $1.2 billion citing a person familiar with the matter. However, the Yammer acquisition of Microsoft is yet to be completed and announced.
Yammer says it counts more than 80 percent of Fortune 500 companies as clients, and is backed by PayPal co-founder Peter Thiel.
Microsoft will get a set of social networking tools by acquiring Yammer. So acquisition of Yammer could be a significant move by the top software company to add a social dimension to its products.