It’s a shame to witness that $350 billion worth of the recruitment industry market can be so fragmented.
Xing, the business networking platform that has been described as Germany’s answer to LinkedIn, has made an acquisition to beef up its recruitment business ahead of a rebrand of the business as “New Work.” The company has acquired Honeypot, a German startup that has built a job-hunting platform for tech people, for up to €57 million ($64 million). Xing tells us that Honeypot is its biggest acquisition to date.
The rise of AI-powered digital marketplaces like Airbnb and Uber have led to bold predictions of a recruiting marketplace that displaces recruiters. To the disappointment of many, that has proven extremely unlikely. Fortunately, there is still significant opportunity for a highly efficient recruiting marketplace, and surprisingly to some, recruiters are squarely situated at the center of it.
Jobvite, the company that was once an early mover in leveraging social networks to help source job opportunities and find interesting candidates for openings, is today announcing two big moves to double down on its ambition to build a bigger platform for recruitment and applicant tracking.