Xing says that today Honeypot’s current emphasis is German-speaking countries and the Netherlands, which together cover some of the biggest startup hubs in Europe, including Berlin and Amsterdam.
While LinkedIn today has some 600 million users and was acquired by Microsoft in 2016 for $26.2 billion, Xing is publicly traded and currently valued at around $2 billion (€1.81 billion), with some 15 million members. In the end, Xing developed as a much more modest operation, relatively speaking. But - and this was perhaps even more true in the past, and Xing was founded in 2003 - scaling startups to be global players out of Europe can be a challenge, even more so when there is a formidable direct competitor growing quickly as well. This is no small thing. Xing years ago was considered a would-be rival to LinkedIn. Third, the acquisition will help Xing make a bigger push into building its profile outside of Germany into more of Europe, as New Work. On the other side, individuals go through a “brief expertise check” to vet them, and they too have to be a bit more specific on what they can and what they want to do, and what they want to earn, to help weed out opportunities that might not be suitable. Those doing the recruiting have to provide specific details around salary and, say, programming languages required, as part of their outreach. Honeypot adds additional features to help make this process more accurate and less of a waste of time on both sides. Second, Honeypot’s structure is a natural fit for a social recuitment platform: as with a lot of social recruiting, Honeypot lets recruiters use platforms, profile pages and social graphics to find and approach candidates, rather than candidates reaching out in response to specific opportunities.
Xing already offered job listings as part of its platform, with 20,000 businesses as customers but Honeypot will add a few different things to the mix.įirst, it will give Xing more traction specifically in the tech vertical, since Honeypot first started out in 2015 targeting developers although it later expanded to other tech jobs. New Work is the umbrella spanning all our business activities.” Xing said that all the smaller companies will keep their branding. “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. “This acquisition is an excellent addition to our New Work portfolio,” Thomas Vollmoeller, CEO at Xing, said in a statement. 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.
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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 tells us that Honeypot is its biggest acquisition to date. Xing, the business networking platform that has been described as Germany’s answer to LinkedIn, has made an acquisition to beef up its recruitment business ahead of a rebrand of the business 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).
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