German LinkedIn rival Xing rebrands as New Work
LinkedIn’s German rival, Xing has beefed up its recruitment business with the acquisition of Honeypot, another German job-hunting platform specifically designed for people in tech. This was Xing’s biggest acquisition to date, costing them EUR 57 million (USD 64 million). The figure comprises of EUR 22 million along with a potential earn-out of up to EUR 35 million given the accomplishment of targets set for the next three years.
The business networking platform, Xing also plans to rebrand as “New Work” in H2 2019, as it brings all of its other acquired assets together. The acquisition of Honeypot comes as a strategic move, as Germany has 82,000 unfilled tech jobs, and is a growing need to bridge the gap between positions and people.
Commenting on its latest acquisition, CEO of Xing, Thomas Vollmoeller said, “This acquisition is an excellent addition to our New Work portfolio. Honeypot focuses on candidates by helping them to find a job matching their individual preferences. With subsidiaries and brands such as kununu and HalloFreelancer, Xing is far more than just a single network. New Work is the umbrella spanning all our business activities.” He added that all the smaller companies will retain their branding, and simply add to the verticals of New Work.
Read more about the acquisition and Xing’s rebranding plans here.