Germany-based business social networking site XING is acquiring also Germany-based online event management and ticketing services company Amiando, we’ve just learned.
XING is paying 5.1 million euros initially, and an additional payment of up to 5.25 million euros will be made on March 31, 2013, provided various conditions are met (such as the current management team remaining within the company and the achievement of specific financial performance targets).
It’s likely not a stellar exit for Amiando – they’ve raised an undisclosed amount of financing over two rounds, from firms such as Wellington Partners and AdInvest and a host of angel investors like Stefan Glaenzer and Lukasz Gadowski.
FYI: XING was also a Wellington Partners portfolio company (they went public in late 2006).
Amiando currently has a staff of 35 – all of whom will retain their jobs – and says it has supported some 100,000 events in 2009 alone. It’s unclear how much revenue it was generating, as only part of its solutions are premium, paid services.
With the acquisition, XING aims to offer its 10 million+ members integrated business event services, ranging from organization to marketing, billing and execution. According to the press release, their users have organized and promoted roughly 150,000 events via the XING platform last year, so it is a straightforward strategic deal for them.
Amiando founder and CEO Felix Haas will continue in his current position.
(Full disclosure: I’m a small investor in Oxynade / MyUpcoming, which competes with Amiando to a degree).
amiando is a pioneer in online event registration and ticketing. Since its foundation in 2006, amiando has become a leading software-as-a-service platform for professional events. amiando’s products help event organizers to reach a professional level of event organization which, until now, was only reserved for large corporations and event agencies. All tools are online-based and immediately available for use, without the need for software installation. Over 180,000 event organizers worldwide use amiando, including prestigious names such as Facebook,...
XING is the leading German network for business contacts. Far more than a directory of business contacts, XING makes your professional network an active part of your life, enabling members to discover professional people, opportunities and privileges through its unique discovery capability and advanced contact management tools. With the successful IPO of XING as the first Web 2.0 company to go public, XING AG has had a long-term impact on the social networking trend amongst professionals. By focusing on the...
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