Socialmedian is in XING
By Azam on December 20, 2008
XING the European firm behind the professional contact social network acquires Socialmedian for $7.5M. XING will fold socialmedian into the professional network to share relevant content between users in the personal network.
From TechCrunch description of Socialmedian
Socialmedian is basically a personalized news filter that integrates well with social networking platforms. It aggregates news articles from around the web, blogosphere and social services like Digg, Delicious, Twitter, Flickr, Facebook, YouTube, Google Reader, FriendFeed, etc. which are then filtered by topic. Users can pre-define which keywords and topics they’d like to receive news on, and they can also submit articles to the site with the help of a bookmarklet. Stories can be viewed either in chronological order or according to popularity on the network.
From the founder of Xing CEO Lars Hinrich
Why do we think that socialmedian is a perfect fit for XING? Here´s why: In business success depends on access to the right information at the right time. Both the speed of information and the sheer volume of data have increased rapidly due to the rise of the internet. Traditional media companies, social media such as blogs, tweets, videos and other user-generated websites now provide daily news, leading to a veritable flood of information. The consequence: Time-strapped professionals are forced to parse through numerous news sources for relevant information and sort, organize, and share stories on their own.
Xing is building further on the professional networking by adding socialmedian a professional sharing of news and related content. Xing is following other social networks in adding feature to share content among users of their network in similar fashion as LinkedIn and facebook. XING will incorporate Socialmedian to operate as an application platform to enable application developers and content providers to content with XING.
Publicly listed XING currently boasts nearly 7 million members (up from 4.8 million in 2007), about 510,000 of which are paying about $90 per year for a premium account to get full networking functionality. XING has been cash-flow positive 3 months after the start and boasted seven record-breaking quarters after the IPO, achieving more revenues and earnings in each quarter. Revenues from January to September this year amounted to $32 million, 28% more than in 2007 as a whole.
Reading List
TechCrunch European Business Social Network XING Acquires socialmedian
VentureBeat Socialmedian acquired by business network Xing
Tags : Facebook, Jason Goldberg, Lars Hinrich, LinkedIn, socialmedian, XING