XING AG purchases socialmedian Inc.
• Transaction enables a technological jump on integrating business news into Europe's leading business network
• Socialmedian CEO Jason Goldberg joins XING in Hamburg, Germany in the newly created position of Vice President XING Applications Platform
• The company will launch integrated products in 2009
Hamburg / New York, December 19, 2008. The publicly listed XING AG (O1BC / ISIN DE000XNG888) announces today it has purchased New York-based socialmedian Inc., a leading innovator in the social news industry. The socialmedian solution enables people to get the news filtered by their social networks. Socialmedian debuted in 2008 and has rapidly grown a highly engaged user-base. Socialmedian is thus a natural fit with XING, a leading global online social network for professionals. Socialmedian’s founder and CEO, Jason Goldberg, will join XING in Hamburg, Germany in the newly created position of Vice President XING Applications Platform.
"XING is a uniquely active and innovative platform in business networking, offering real value for its members on a global scale. Combining XING with socialmedian’s next generation social news technology offers great potential to deliver highly engaging content and services to business professionals worldwide,” said Jason Goldberg. In the new role of VP XING Applications Platform, Goldberg will be responsible for managing global partnerships for application developers and content providers to connect with the XING network.
Success in business depends on access to the right information at the right time. The rise of the Internet has increased both the speed of information and the sheer volume of data. In addition to traditional media companies, social media such as blogs, tweets, videos and other user-generated websites now provide daily news, leading to a veritable flood of information. Time-strapped professionals are left to parse through numerous news sources for relevant information and sort, organize, and share stories on their own. socialmedian does this for you, gathering information from about 19,000 sources, including social services such as Digg, Delicious, Twitter, Flickr, Facebook, YouTube, Google Reader, FriendFeed, the international blogosphere, and industry and online media sources, and then filtering your news through your social networking contacts. Thus enabling people to get the news they need to know for their jobs, their interests, and their passions through the people in their networks.
Over 6.5 million business professionals, managers, and experts use XING to keep track of information and updates in their professional network. Working with socialmedian, XING plans to launch several new innovations, including offering XING members custom filtered news. “We want to offer our members the greatest value in their networks, and this includes having the relevant news at their fingertips. Now we have the technology necessary to do so. We're also excited to have someone like Jason working with us to develop the XING ecosystem of partnerships with leading companies around the world,“ said Lars Hinrichs, CEO and founder of XING AG.
XING will continue to grow and enhance socialmedian as a standalone service. There will be no interruption for socialmedian users.
Socialmedian delivers the news, filtered by your network. socialmedian’s mission is to help people discover the news and information they need to succeed at their jobs, pursue their passions and stay informed about the world around them. Since launching in August, socialmedian users have created more than 2500 topical news networks, ranging from iPhone to campaign 2008 to the global financial crisis, aggregating newsfeeds and user feeds from more than 19.000 sources with 800 new stories added every minute. The NY-based company was founded by former Jobster CEO Jason Goldberg and is currently backed by Washingtonpost. Newsweek Interactive and leading angel investors including Gordon Crovitz, former publisher of the Wall Street Journal, Reed Hundt, former FCC Chairman and Allen Morgan of the Mayfield Fund. For more information, please visit www.socialmedian.com.
XING is the leading network for business contacts in Europe. Far more than a directory of business contacts, XING makes your professional network an active part of your life, enabling members to discover professional people, opportunities and privileges through its unique discovery capability and advanced contact management tools. With the successful IPO of XING as the first Web 2.0 company to go public, XING AG has had a long-term impact on the social networking trend amongst professionals. By focusing on the target group 'business people worldwide', the company is able to offer tailored features, thereby making networking and contact management simpler. Besides Headquarters in Hamburg, XING AG is also represented with offices in Barcelona, Istanbul and Beijing.
XING. Powering Relationships.