Xing, the social network for business professionals acquired by Herbert Burda Media last year, is acquiring amiando AG, effective as of January 1, 2011. amiando is a of online event management and ticketing services in Europe with some 100,000 events organised and processed via the platform in 2009. This move puts XING in a position to offer its more than 10 million members integrated business event services ranging from organisation to marketing, billing and execution.
The acquisition price comprises a number of components. At the time of acquisition, XING AG will initially pay approximarely €5.1 million. An additional payment of up to €5.25 million will also be made on March 31, 2013, if various conditions are met. Examples of these conditions include the current management team remaining within the company and the achievement of specific revenue and profit targets.
Stefan Gross-Selbeck, CEO at XING AG, said: “Acquiring amiando gives XING an opportunity to meet its members’ growing need for an integrated, comprehensive event registration and ticketing service. In 2009 alone, our members organized and marketed more than 150,000 events via the XING platform. From now on, we can offer them all of the services they need including efficient registration, ticketing and billing. This in turn allows us to tap into a highly lucrative and market currently experiencing rapid growth.”
Felix Haas, CEO at amiando AG, said: “XING and amiando’s business strategies run in parallel with one another and offer huge synergy effects. This became clear right at the start of the negotiation process, and really caught the attention of the amiando management team. The XING platform’s reach and amiando’s technology and market position go together to make a perfect combination in the business event segment that will provide XING’s members with new, relevant added value. This is of course something the newly forged team intends to build on going forward.”
amiando has a staff of 35, all of whom will retain their jobs. Felix Haas will continue in his position as CEO at amiando. During the negotiation process XING was supported by Altium, while amiando was assisted by Parklane Capital.
Germany, Hamburg & Munich
- Hubert Burda Media buys into XING AG (European online business network) Posted on November 18, 2009