According to a latest update, business software company Yammer Inc has agreed to sell itself to Microsoft Corp. If reports are to be believed, the deal will close for over $1 billion. 

It is reportedly said that Yammer is backed by PayPal co-founder Peter Thiel, who has also invested in Facebook.

As a matter of concern, it is found, Yammer Inc. is an enterprise social network service which was launched in September 2008. It was originally launched as an enterprise micro blogging service and subsequently evolved to become a full-fledged enterprise social network. 

Yammer has claimed that it counts more than 80 percent of Fortune 500 companies as clients. 

It is not clear when the latest deal between Microsoft and Yammer will complete. However, it is expected to be finished as soon as this Friday. 

Buying Yammer would offer a strong social networking component to Microsoft’s Office suite as it inherit millions of users across more than 200,000 different companies, market watchers believe. 

Any spokes from yammer has declined to comment on the matter, while Microsoft could not be reached for comment. 

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