Xing is on a shopping spree in the startup scene. Following its acquisition of Prescreen a few days ago, the career network is now striking at the Munich expat community Internations. A purchase price of around ten million euros is rumored.
Internationals claims to have the world's largest social network and information portal for everyone living and working abroad. The Munich-based startup employs more than 100 people from around 30 countries. Since 2011, Internations has been financed from operating cash flow and expects revenue in the double-digit million range for 2018. Even under new owner Xing, Internations will remain a separate business unit and brand. The two founders, Malte Zeeck and Philipp von Plato, will remain with the company as managing directors. deutsche-startups.de reported, the base purchase price of around 10 million euros can be supplemented by an earn-out in an expected range of 8 to 20 million euros if specified targets are achieved by 2020.
International know-how from Munich
Philip of Plato, Founder and Co-CEO of Internations comments on the deal:
"Xing is an ideal partner for us to accelerate the expansion and further development of our offerings and services for professionals abroad. We also look forward to contributing our international experience and expertise in offline events to Xing."
Xing CEO Thomas Vollmoeller says:
"With Internations, we are acquiring a true specialist in local offline networking. This new member of the Xing family will help us significantly expand our expertise in this area."
In contrast to its new parent company, the Munich-based startup has a strong international presence: Only 12 percent of its 2.7 million members, the company says, live in Germany, Austria, or Switzerland. The Xing platform, on the other hand, intends to continue focusing on the German-speaking market.
