{"id":14611,"date":"2019-04-01T18:40:09","date_gmt":"2019-04-01T18:40:09","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/german-linkedin-rival-xing-is-rebranding-as-new-work-acquires-recruitment-platform-honeypot-for-up-to-64m.html"},"modified":"2019-04-01T18:40:09","modified_gmt":"2019-04-01T18:40:09","slug":"german-linkedin-rival-xing-is-rebranding-as-new-work-acquires-recruitment-platform-honeypot-for-up-to-64m","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/german-linkedin-rival-xing-is-rebranding-as-new-work-acquires-recruitment-platform-honeypot-for-up-to-64m.html","title":{"rendered":"German LinkedIn rival Xing is rebranding as \u2018New Work,\u2019 acquires recruitment platform Honeypot for up to $64M"},"content":{"rendered":"

Xing<\/a>, the business networking platform that has been described as Germany\u2019s answer to LinkedIn, has made an acquisition to beef up its recruitment business ahead of a rebrand of the business as \u201cNew Work.\u201d The company has acquired Honeypot<\/a>, a German startup that has built a job-hunting platform for tech people, for up to \u20ac57 million ($64 million). Xing tells us that Honeypot <\/a> is its biggest acquisition to date.<\/p>\n

The figure includes the acquisition (\u20ac22 million) plus a potential earn-out of up to \u20ac35 million if certain targets are met in the next three years.<\/p>\n

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.<\/p>\n

\u201cThis acquisition is an excellent addition to our New Work portfolio,\u201d Thomas Vollmoeller, CEO at Xing, said in a statement. \u201cHoneypot focuses on candidates by helping them to find a job matching their individual preferences\u2026 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.\u201d Xing said that all the smaller companies will keep their branding.<\/p>\n

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.<\/p>\n

First, it will give Xing more traction specifically in the tech vertical, since Honeypot first started out in 2015 targeting developers<\/a> although it later expanded to other tech jobs.<\/p>\n

Second, Honeypot\u2019s 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.<\/p>\n

Honeypot adds additional features to help make this process more accurate and less of a waste of time on both sides. Those doing the recruiting have to provide specific details around salary and, say, programming languages required, as part of their outreach. On the other side, individuals go through a \u201cbrief expertise check\u201d 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.<\/p>\n

Third, the acquisition will help Xing make a bigger push into building its profile outside of Germany into more of Europe, as New Work.<\/p>\n

This is no small thing.\u00a0Xing years ago was considered a would-be rival to LinkedIn. But \u2014 and this was perhaps even more true in the past, and Xing was founded in 2003 \u2014 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.<\/p>\n

In the end, Xing developed as a much more modest operation, relatively speaking. 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 (\u20ac1.81 billion), with some 15 million members.<\/p>\n

Xing says that today Honeypot\u2019s current emphasis is German-speaking countries and the Netherlands, which together cover some of the biggest startup hubs in Europe, including Berlin and Amsterdam.<\/p>\n

The company is still relatively small but growing, adding 1,000 IT specialists to its books each week, with some 100,000 individuals and 1,500 businesses currently registered. Xing said that it will be investing in the company to expand to more markets in Europe, as well as to grow its business by tapping Xing\u2019s own customer base.<\/p>\n

Although there have been some notable exceptions like payments startup Adyen from the Netherlands, Farfetch from the UK and Spotify (originally from Stockholm, grown in London and now increasingly a US company), scaling startups in Europe has proven to be challenging.<\/p>\n

One of the big reasons why has to do with a shortage of talent to build these companies: in Germany alone \u2014 home to the buzzy startup city of Berlin \u2014 there are 82,000 unfilled tech jobs<\/a>. In other words, there is an opportunity for more user-friendly platforms to help connect those dots.<\/p>\n

\u201cXING <\/a> and Honeypot both have the vision of helping people to further their career. We want Honeypot to offer the world\u2019s largest work-life community for IT specialists by giving candidates the power to decide on their next career step,\u201d said Kaya Taner, CEO who founded Honeypot with Emma Tracey. \u201cWe will continue to pursue this vision with XING. Going forward, around 100,000 IT specialists from all over the world who are registered on Honeypot will be able to connect with the many first-rate employers in German-speaking countries. This will enable Honeypot to continue developing its domestic market, while also further expanding its international community.\u201d<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunch\/social\/~3\/OUWeua7WaS4\/<\/p>","protected":false},"excerpt":{"rendered":"

Xing, the business networking platform that has been described as Germany\u2019s answer to LinkedIn, has made an acquisition to beef up its recruitment business ahead of a rebrand of the <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[10,7,14,15,6,12,11],"class_list":["post-14611","post","type-post","status-publish","format-standard","hentry","category-latest-update","tag-computer-news","tag-downloads","tag-microsoft-download-news","tag-networking-updates","tag-technology-update","tag-wordpress-plugin-download","tag-wordpress-theme-download"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t