European social network for business professionals XING has paid €10.3m for event management firm Amiando, which organises and processes 100,000 events a year.
The acquisition price comprises a number of components. At the time of acquisition, XING AG will initially pay €5.1m. An additional payment of up to €5.25m will also be made on 31 March 2013, if various conditions are met. Examples of these conditions include the current management team remaining within the company and the achievement of specific revenue and profit targets.
“Acquiring Amiando gives XING an opportunity to meet its members’ growing need for an integrated, comprehensive event registration and ticketing services,” said Stefan Gross-Selbeck, CEO at XING AG.
“In 2009 alone, our members organised and marketed more than 150,000 events via the XING platform. From now on, we can offer them all of the services they need, including efficient registration, ticketing and billing. This in turn allows us to tap into a highly lucrative market currently experiencing rapid growth."
Event organisers all over the world use Amiando to manage invitations, promote events online, handle the event registration process, host integrated billing services, and manage event entry. All of the tools are available online, can be used straight away, and do not require any form of software installation.