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Tuesday, November 14, 2006

November 14 - Xing Public

I actually wrote this yesterday, but heck. I'll post it anyway.

OpenBC, recently renamed Xing, is one of the internet’s biggest competitors to LinkedIn, the current social business network dominator. But according to a very interesting posting on the official Xing blog, they’re about to become the first Web 2.0 company ever to go public. Here’s the post on their blog. Apparently, Deutsche Bank and Lehman Brothers are currently the highest offerers in the bidding. The network, which currently has roughly 1,500,000 members is the European targeted version of LinkedIn. That’s not to say that European people can’t use LinkedIn (I am!), but it is evident that Xing is not meant for those outside Europe. The company is reportedly making about six million Euros in annual revenue. The first quarter of this year alone, has seen the company rake in a whopping 2,800,000 Euros!According to GigaOM, Klaus Hommels and Wellington Partners are the VC backers of the company. It seems that the three years strong company is planning to use proceeds to move into international expansion, meaning that people outside Europe will get to use the companies great services. There’s not been any new buzz on this for a few hours now, but it’s expected that another statement will be made soon.

If anyone can read German, let me know. The juicy bits of the article are in German. I only know the very basics, so you might be able to tell more head and tail of what’s happening. I can’t blame Xing/OpenBC, they are German afterall. Like I said, hopefully, soon, there will be more news on this highly intriguing and unique situation.


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