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Stock Market & Financial Investment News

News Breaks
January 6, 2014
07:07 EDTLNKD, IPDNProfessional Diversity Network confirms LinkedIn to no longer be reseller
Professional Diversity Network (IPDN) announced that it has released an open letter to stockholders from CEO James Kirsch, stating in part: "Recently, Professional Diversity Network, Inc. announced that LinkedIn Corporation (LNKD) provided written notification to the company of its decision to terminate the Diversity Recruitment Partnership Agreement dated November 6, 2012 with the company, effective as of March 30, 2014, and as a result, LinkedIn will no longer be a reseller of the company's diversity recruitment products and services. LinkedIn's notice of termination did not provide a reason for termination. To date, we believe we had an excellent professional relationship with LinkedIn. When we entered into the LinkedIn Agreement, our company's anticipation was that LinkedIn would generate approximately $50M of revenue from the sales of our products and services in the near term...We anticipate that the end of our reseller relationship with LinkedIn on March 30, 2014 will have a negative revenue impact on the company in the near term. LinkedIn has been a key strategic ally to the company and our involvement with their team has expanded our reach, enhanced our profile and helped to educate recruiters about the value of Professional Diversity Network."
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