German social network for business XING has acquired the Berlin-based IT job platform Honeypot for €22 million, with another €35 million in earn-outs to be paid within the next three years if the company hits the unspecified “ambitious operating targets.”
Honeypot operates an “inverted job board” for technical talent, in which companies send applications to candidates, not the other way around. The employers are required to provide certain details when “applying,” including the salary and detailed job description.
XING stated in a press release that this acquisition would allow the company “reinforce its international presence,” as Honeypot is operating in the German-speaking markets and the Netherlands. It currently employs some 50 people and claims that around 1,000 technical professionals register on the platform every week.