Breaking European M&A News: XING Buys Amiando For Up To €10.3 Million
Germany-based business social networking site XING is acquiring also Germany-based online event management and ticketing services company Amiando, we’ve just learned.
XING is paying 5.1 million euros initially, and an additional payment of up to 5.25 million euros will be made on March 31, 2013, if various conditions are met (such as the current management team remaining within the company and the achievement of specific revenue and profit targets).
Amiando currently has a staff of 35 – all of whom will retain their jobs – and says it has supported some 100,000 events in 2009 alone.
With the acquisition, XING aims to offer its 10 million+ members integrated business event services, ranging from organization to marketing, billing and execution.
Amiando founder and CEO Felix Haas will continue in his current position.
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