LinkedIn—the buttoned-down, anti-Facebook social networking site for professionals—is about to up its profile with a $53 million infusion of private equity that will allow it to make acquisitions and expand its reach overseas, reports the New York Times. The new financing values the company at a hefty $1 billion, in between the $580 million News Corp. paid for MySpace in 2005 and the $15 billion value assigned to Facebook last year when Microsoft bought a stake.
A rumored IPO of the 4-year-old company has been put on indefinite hold. The site, where the average age of its 23 million members is 41, has more diversified revenue streams than its purely social peers. A quarter of its projected $100 million in income this year flows from advertising; other revenue comes from premium subscriptions for users and recruitment tools for companies.