XING Acquires amiando
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 €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.
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