Professional social networking site LinkedIn is reportedly set to acquire SlideShare for $119 million in cash and stock according to a release from LinkedIn:

“LinkedIn (NYSE:LNKD), the world’s largest professional network on the Internet with 161 million members worldwide, today announced it agreed to acquire SlideShare, a leading professional content sharing community.

The transaction is valued at approximately $118.75 million, subject to adjustment, in a combination of approximately 45 percent cash and approximately 55 percent stock. Subject to the completion of customary conditions, the acquisition is expected to close during the second quarter of 2012.”

The move appears to be a feature grab for LinkedIn, with the release specifically mentioning the 7.4 million SlideShare presentations that are embedded onto over 1.4 million sites around the internet. SlideShare CEO Rashmi Sinha says that it’s a natural extension for the company to head under LinkedIn’s umbrella as a professional service.

SlideShare has undergone some major changes in the past few months, building out a slick HTML5 version of its presentation app, and releasing ZipCast, which allows SlideShare presentations to become collaborative meeting platforms. Founded in 2008, SlideShare had raised a mere $3 million in total funding, after a $2.7 million series A the same year.

LinkedIn’s most recent financials show it beating the estimates with $188.5 million in revenue, and a 140% income increase quarter to quarter. The SlideShare deal will be 45% cash, 55% stock, meaning LinkedIn is dumping some $54 million in cash into the SlideShare acquisition.