Business network LinkedIn says in no rush for IPO

By Georgina Prodhan, European Technology Correspondent

FRANKFURT (Reuters) - Online business network LinkedIn has opened its first office outside the United States, in London, and the new head of its European operations told Reuters the company was in no rush to float on the stock market.

"It's not on our roadmap. It's not on our radar -- 2009, 2010, it's somewhere on the horizon out in that time," Kevin Eyres said in a telephone interview.

Eyres said LinkedIn was very happy with its current backers, who include Sequoia Capital -- an early investor in Apple, Google and Oracle -- and Greylock.

"It's about momentum and growth. That's what we're focused on right now. A capital event like an IPO would just get in the way," he said.

The fast-growing phenomenon of social networks is attracting intense interest from investors. Teen network MySpace, which now has about 110 million members, was bought by News Corp. in 2005 for $580 million.

Last October, Microsoft bought a 1.6 percent stake in Facebook that valued the platform -- which has half as many users as MySpace -- at $15 billion.

Eyres said Silicon Valley-based LinkedIn expected to double its number of members, currently 18 million, this year, and should grow faster in Europe, where it has more than five million members, mostly in Britain, Denmark and the Netherlands.

"PROFESSIONAL NETWORKING"

LinkedIn seeks to distance itself from the likes of Facebook with a more sober, professional approach and by giving members a high degree of control over their profiles.

"We don't want to have pictures of you drunk on your holidays. We're not into photo-sharing. You can put one picture of yourself up there, that's it. It's really about managing your own personal brand in a professional way on the Web," he said.

"I think in 2008 people will start to see the difference between social networking and professional networking."

The company announced the opening of its London office on Thursday.

"LinkedIn has seen outstanding growth in Europe in the past year, and by opening an office in London we expect to accelerate our momentum and better serve our users in the European market," Chief Executive Dan Nye said in a statement.

Eyres, who previously ran the international operations of Internet search company Alta Vista and began his career at computer maker Compaq, said LinkedIn would adopt a more aggressive and direct approach to marketing in Europe.

He said he had a "healthy" budget for marketing, without elaborating. Until now, LinkedIn has grown purely virally through word of mouth and invitations from within the network.