Seriously, Lyndon Chivers, your time would be better invested actually researching on linkedin instead of using some cheap mail merge or other crappy spam service with generically-written copy. You do understand that when the marketers say "personalization", filling in a little detail onto a form doesn't count, right?
Using a template that says "I saw on LinkedIn that you're the XXXXX at XXXXXX. Given our customers in your field, you will find this relevant." doesn't actually make people think that you've researched their profile and given actual thought to their interests and how you might engage them. Sure, it gives you the ability to take like 5,000 shots, but in the day and age of spam filters and educated audiences, how many responses do you actually get this way? 1-2 in 5K? How long and how much did you spend to send those 5K? How long would it take you to send actual, personalized messages based on research? What would your hit rate be then? 1 in 20? Seems like if the cost was even close (like with 300%), it'd be worth it in terms of preserving your reputation as a legitimate business (vs. an amateur hour spammer that few legitimate business would actually want to engage).