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6/15/2012 1:41 AM ET

Software giant Microsoft Corp. (MSFT: Quote) has agreed to buy business software firm Yammer Inc. for $1.2 billion, the Wall Street Journal reported, quoting a person familiar with the matter. It is not clear when the deal will be finalized and announced.

Yammer, which started in September 2008, creates private social networks inside companies. The company has file-sharing software and other tools too. The deal will add more social features to Microsoft Office.

Yammer says in its website that it is used by more than 200,000 companies worldwide and over 80 percent of the Fortune 500 firms are using Yammer.

The firm has raised $142 million in venture funding. Its investors include DFJ Growth, Charles River Ventures, Founders Fund and U.S. Venture Partners, as well as Max Levchin, co-founder of PayPal Inc.

The company was said to be planning an initial public offering eventually and was reportedly seeking to go public in a year or so.

MSFT closed on Thursday at $29.34, up $0.21 or 0.72 percent, on 39.46 million shares.

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