Business networking platform declared as LinkedIn's German rival, Xing, has recently made a major recruiting arm acquisition and rebranded as New Work.
The company has acquired Honeypot, a German startup that has built a job-hunting platform for tech people, for up to €57 million ($64 million). Xing tells us that Honeypot is its biggest acquisition to date.
The figure includes the acquisition (€22 million) plus a potential earn-out of up to €35 million if certain targets are met in the next three years.
Xing said that it plans to rebrand as New Work in the second half of 2019, bringing together a number of other assets it has acquired and built over the years.
“This acquisition is an excellent addition to our New Work portfolio,” Thomas Vollmoeller, CEO at Xing, said in a statement. “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.” Xing said that all the smaller companies will keep their branding.
Xing already offers job listings as part of its platform with 20,000 businesses as customers, but Honeypot will add a few different things to the mix.
Read more here.