How's this for a status update: Yammer, the enterprise-level social networking site, confirmed rumors today that it has been acquired by Microsoft for $1.2 billion in cash.
The four-year-old San Francisco start-up was co-founded by David Sacks, a former PayPal executive, and Adam Pisoni, a software engineer that had previosly worked at Geni.com. The two conceptualized and built a Facebook-like platform on which employees could send messages and photos to each other, load status updates, and manage projects off of e-mail.
Yammer's official acquisition Monday—it had been rumored for weeks—came after a meterioc rise establishes it as one of the fastest growing enterprise software companies in history. According to its website, the site has attracted more than five million users in the past three years. The company has more than 400 employees. More than 85 percent of Fortune 500 use Yammer.
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