P+P advises on Xing's acquisition of Honeypot
Job network Xing has acquired the recruiting startup Honeypot. The sale price is EUR 22 million. Upon reaching certain targets in the next three years, the payment will again increase by EUR 35 million. The founders will remain in charge of operations.
Honeypot was founded by Kaya Taner and Emma Traycey in 2015 and employs 50 people in Berlin and Hamburg, according to their own reports. The platform of the Berlin-based company functions such that companies have to compete for potential employees. Currently, there are 100,000 tech specialists registered on the platform, as well as 1,500 companies searching for IT personnel.
In Xing's history, which soon wants to re-name itself as New Work SE, this is the largest takeover to date. The German career network has acquired multiple startups in the last year, including Prescreen and Internations. Last year Xing realized turnover of EUR 235 million. The Munich-based media company Burda holds the majority of shares in Xing.
P+P Pöllath + Partners advised the sellers and the founders on all matters with the following team:
- Christian Tönies (partner, lead, M&A/VC, Berlin/Munich)
- Dr. Nico Fischer (partner, tax law, Munich)
- Daniel Wiedmann (associated partner, antitrust law, Frankfurt)
- Dr. Sebastian Gerlinger (senior associate, M&A/VC, Berlin/Munich)
- Markus Döllner (associate, M&A/VC, Munich)
- Raphael Baumgartner (associate, tax law, Munich)