Professional networking site Xing acquires news aggregator SocialMedian for $7.5 million
22 December, 2008
Germany-based professional social networking site Xing.com has acquired US-based SocialMedian, a personalized news filter that aggregates news articles from around the web and then filters them by topic, for $7.5 million, reports TechCrunch.
Following the deal, Jason Goldberg, founder and CEO of SocialMedian is relocating to Germany and will be joining Xing as vice president, applications platform, and the entire SocialMedian team will be integrated into the company.
SocialMedian was developed entirely in India, by Pune-based True Sparrow Systems, which also had a stake in the venture. Jason Goldberg has told MediaNama that True Sparrow has a considerable equity stake in SocialMedian and will be a Xing shareholder as part of this transaction.
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Hi,
Does this mean that SocialMedian has shut their operations in US and will be operating from Germany. Not that it effects me but just interested...can someone please give more info on this
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