XING, a Hamburg, Germany-based social network for business professionals, acquired another German firm, Munich-based amiando, a provider of online event management and ticketing services, and announced that amiando’s staff of 35 will remain on board, including CEO Felix Haas.
Amiando said it organized and processed some 100,000 events in Europe via its platform in 2009.
XING will initially pay about 5.1 million euros, with an additional payment of up to â‚¬5.25 million March 31, 2013, subject to various conditions being met, including the current management team remaining with the company and meeting revenue and profit targets.
XING CEO Stefan Gross-Selbeck 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 market currently experiencing rapid growth.
XING’s 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.