I woke up this morning to find some interesting news in my email. XING AG acquired socialmedian. I have been calling for their purchase since late-summer, and have been surprised that it really took this long. The official press release, the socialmedian blog and the XING blog do not list any details of the purchase except that the socialmedian team is joining XING. Jason Goldberg, the CEO of socialmedian, will now be the VP of the XING Applications Platform. Based on this information, it does not look like Jason will be able to enjoy his money too soon. According to Jason, it sounds like the work is just beginning:
The entire socialmedian team will be joining XING as part of the acquisition. I will be relocating to Hamburg, where I will lead up a major new initiative for XING, the XING Application Platform. In this new role, in addition to strengthening and enhancing the socialmedian service, I will also be responsible for managing global partnerships for application developers and content providers to connect with the XING network.
It did not look like the financial details were going to be disclosed, but the purchase price was $7.5 million. TechCrunch has a few more details on the financial aspects of the deal.
More importantly, I want to congratulate the entire socialmedian team. They have done a fantastic job in under a year of development. Their focus on all things user related has led them to create a very nice application, and a well deserved reward. So congratulations Jason and the rest of the team in New York and Pune, you have done well.