Germany’s XING wants to compete with LinkedIn, buys tech job portal, Honeypot

Germany’s XING wants to compete with LinkedIn, buys tech job portal, Honeypot

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In general, the hiring process in most of the industries is a long and arduous affair that wastes people’s time and resources to find competitive candidates. You might be wondering if there’s a better approach to find your dream tech job. Well, job boards are one place you can start. They make it more effortless for candidates and employers alike.

In this regard, Honeypot, an innovative IT job platform based in Berlin, has been acquired by XING, the online business network in German-speaking countries recently.

According to the press release, the basic acquisition price is €22 million, with earn-outs of up to €35 million to be also paid, if ambitious operating targets are achieved within the span of next three years.

Honeypot: Born out of frustration and inefficiencies!

“Annoyed by the inefficiencies, we built a platform which connects developers and companies directly, giving transparency and speed to both sides.” As per the company claims, the developers on Honeypot have a 90% response rate and it takes an average of 25 days to make a hire.

Alastair Bruce, CSO at XING, said: “XING E-Recruiting has a strong network of around 20,000 corporate clients, while Honeypot has access to IT specialists all over the world who are already in high demand. Together we will help businesses find the right talent and support people in enabling them to do the job they always wanted to do.”

Xing, aims to create world’s largest work-life community!

For XING, the main objective of this acquisition is to expand its international presence. Simultaneously, XING will work with Honeypot to create the world’s largest work-life community for technical candidates while empowering developers and other technical candidates to find jobs.

According to the Honeypot, “While XING will have ownership of Honeypot, we will continue to operate independently, with our headquarters in Berlin.”

Honeypot on a mission to get every developer a job!

For the starters, Honeypot is a developer-focused job platform, on a mission to get every developer a great job. Founded by Emma Tracey and Kaya Taner, it is one of the leading platforms that brings talent together from German-speaking countries and the Netherlands worldwide.

Laura Schukkink, the country lead of Honeypot in the Netherlands: “XING and Honeypot share the vision to help people develop their careers. We want to make Honeypot the world’s largest work-life community for IT specialists, enabling candidates to determine their next career step. We will continue to pursue this vision with XING.”

Honeypot: Some statistics!

Based out of Berlin, Honeypot currently employs 50 people, serving over 100,000 IT specialists and more than 1,500 companies. Having said that, the company is planning to accelerate its growth in German-speaking places and to other countries as well.

Laura added, “Soon, the approximately 100,000 IT specialists registered in Honeypot worldwide will have the opportunity to connect with the many first-class employers in German-speaking countries. This will enable Honeypot to further develop the German market while expanding its international community.”

Reversing the conventional application process!

Honeypot brings IT specialists and technology companies together by reversing the conventional application process. This means that companies are required to provide certain details like the salary on offer, programming languages required when contacting candidates in order to ensure compliance with the quality standards.

“We believe developers should have all the information they need to choose a job they love: whether that’s based on a cutting-edge tech stack, an inspiring team or just good old-fashioned salary.”

Stay tuned to Silicon Canals for more updates in the tech startup world.

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