- Basic acquisition price of €17 million
- Acquisition allows XING to tap into rapidly expanding market for candidate and talent management systems
- XING-CEO Vollmoeller: “This acquisition enables XING to further consolidate its leading position in the e-recruiting business
Hamburg/Vienna, 10 July 2017 – XING AG, operator of the leading online business network in German-speaking countries, has acquired Prescreen GmbH, provider of the Prescreen candidate management system, with immediate effect. The basic purchase price is €17 million. This figure may be expected to rise by between €5 million and €10 million from earn-out payments provided ambitious operating targets are met by 2020.
Acquisition allows XING to tap into rapidly expanding market for candidate and talent management systems
Applicant tracking systems (ATS) are becoming increasingly popular in HR circles. Modern, cloud-based ATS solutions offering intuitive user interfaces are already well established in the US, and demand for them is also growing in German-speaking countries. This is because an ATS provides recruiters with a cost-effective software solution enabling them to easily and effectively manage the entire hiring process, ranging from posting a vacancy all the way through to a candidate signing an employment contract. The software gives users the option to post job ads on their company’s careers page or on job boards and social networks, document applications and sort them according to various criteria, create a talent pool to fill future vacancies, and even carry out assessments to determine whether candidates are suitable for a vacancy.
Prescreen is one of Europe’s fastest growing ATS providers with around 350 corporate clients, including numerous small and medium-sized businesses and renowned companies such as Beiersdorf, Ströer and Unicredit Bank Austria. Prescreen currently enjoys double-digit new-customer growth every month. The company is based in Vienna and has 27 employees, all of whom will remain with the company following the acquisition. This also applies to CEO Constantin Wintoniak and the other six founders, all of whom will continue driving the product’s future development. One particular focus for the future will be to link Prescreen with XING’s current e-recruiting portfolio and provide a seamless end-to-end service ranging from candidate searches through to hiring a candidate.
XING CEO Vollmoeller: “This acquisition enables XING to further consolidate its leading position in the e-recruiting business”
Thomas Vollmoeller, CEO at XING AG, said: “XING is already a leading provider when it comes to modern e-recruiting. Our acquisition of Prescreen will enable us to further consolidate this position.” Alastair Bruce, CSO and member of the Executive Board responsible for XING’s B2B business, added: “This new addition to the XING family allows us to provide recruiters with a software-based solution so they can effectively and efficiently manage their entire hiring process, from posting a vacancy right through to employing a candidate. Prescreen is an open system, meaning it can be used in conjunction with networks other than XING as well as any external job board – and it will remain that way in the future.”
Constantin Wintoniak, CEO at Prescreen, said: “XING is an ideal partner for us that will help to continue driving our growth from here on. We’re looking forward to joining forces as of today."
The leading online business network in German-speaking countries supports its members in mastering the transformations taking place in the world of work. XING helps its more than 12 million members to balance their professional and private life as well as possible within an environment defined by a lack of skilled workers, digitalisation and changing values. To this end, members can visit XING Jobs to look for vacancies that appeal to them, stay up to date with news offers by XING, or browse the German-language portal XING spielraum to find out about the trends and changes taking place in the new world of work. At the start of 2015, XING added Jobbörse.com, the largest jobs search engine in German-speaking countries, to its portfolio. Before that, XING had acquired kununu, which as the principal employer review platform in German-speaking countries served to strengthen XING’s leading position within the field of social recruiting. XING was founded in Hamburg, Germany, in 2003, has been publicly listed since 2006, and listed on the TecDAX since September 2011. Members can meet and exchange views in around 80,000 groups, while also getting together at more than 150,000 business-related events every year. XING has more than 900 employees at offices in Hamburg, Munich, Barcelona, Vienna und Zurich. Visit www.xing.com for more Information.