European Business Social Network XING Acquires socialmedian (Update: For $7.5 Million)
Hamburg, Germany based XING, a global professional social network that's strong in Europe, has acquired New York based socialmedian for an undisclosed amount approximately $7.5 million in total, a mix of $4 million in cash up front and an earn-out valued at between €0.5-2.5 million payable over three years. Socialmedian's founding CEO Jason Goldberg is relocating to Germany and will be joining XING as Vice President Applications Platform, and the entire socialmedian team will be integrated into the company.
