June 18, 2012 / 11:49 AM / in 6 years

Microsoft nears deal to buy Yammer: source

(Reuters) - Microsoft Corp (MSFT.O) is close to buying business software company Yammer Inc for more than $1 billion, according to a source familiar with the details.

Microsoft’s interest in Yammer, known for its social networking functions, could allow the software giant to beef up its offerings for corporations.

    A Microsoft spokesman declined to comment. A representative from Yammer did not immediately respond to a request for comment.

    Backed by PayPal co-founder and Facebook (FB.O) investor Peter Thiel, Yammer said it counts more than 80 percent of Fortune 500 companies as clients. It raised more than $140 million in venture capital funding.

    Bloomberg, which first reported the deal, said the announcement about the transaction was expected at the end of June.

    Reporting By Jennifer Saba; Editing by Marguerita Choy

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below