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). 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 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. The acquisition of Honeypot will help Xing make a bigger push into building its profile outside of Germany into more of Europe, as New Work.