LinkedIn Founder Sees IPO as Likely, But Not in the Foreseeable Future

Company Backers Include Goldman Sachs, SAP & McGraw Hill

November 27, 2009 – Reid Hoffman, the executive chairman and co-founder of LinkedIn, the world's largest professional social networking website, has indicated that the company will probably seek an initial public offering (IPO), but not in the near foreseeable future.

Hoffman was quoted by Reuters as saying, "Probably at some point a balance will occur when that's the right thing. That will not occur in the near term." Hoffman’s statement was made in London at an event celebrating the network having reached 3 million users in Britain.

Wall Street observers have been watching LinkedIn, with 53 million members worldwide, as a strong potential IPO candidate.  A recent Reuters poll found it one of the most likely Silicon Valley companies  to go public.

LinkedIn, which provides a way for members to manage their professional profiles online, and helps them find business contacts or new jobs last raised money in 2008.  The firm then raised $76 million, then valuing the company at $1 billion.  Since that time, the company has almost doubled the number of members.  The company has indicated that it has been profitable for the past two years.

LinkedIn has been backed by Goldman Sachs, McGraw Hill, Bessemer Venture Partners and SAP Ventures.

During the last month LinkedIn announced partnerships with Twitter, Microsoft, Twitter and  Research in Motion.