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Social networking and recruiting platform Xing has acquired Austrian-based firm kununu. The deal will see Xing pay an initial €3.6 million, but depending on kununu’s revenue development in the next two years, the firm may make further payments of around €5.8 million by February 2015.
kununu was founded in 2007 and provides employer reviews, attracting 3 million visits per month. XING, which is LinkedIn’s main rival in German-speaking countries, said the acquisition adds “a key dimension” to its e-Recruiting business.
“XING is already Germany’s market leader when it comes to social recruiting. Our acquisition of kununu will significantly boost our position within this growth market. We can also help businesses to improve their image and, with it, their chances in the battle for top talent,” said XING CEO, Thomas Vollmoeller.
kununu has been profitable and returning a positive cash flow since the previous financial year. kununu founders Martin and Mark Poreda will keep their posts as the company’s managing directors.