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Xing, the European LinkedIn that is based in Germany, has reached 2 million users.
The milestone is in part due to the recent acquisition of eConozco, the Spanish social network for business professionals. Xing has also seen steady growth and high level of member activity and currently has 50 million connections between the members of the network.
Xing generated €6.4 million in revenues in 2006 and completed a successful IPO last fall raising between €35.6 million and €63.7 million from the sale of 2.18 million shares, divesting 40% of the company. Xing is using the proceeds from the IPO to fuel global expansion and aim to connect U.S. and Europe to create a truly global business network.
Xing also has big plans on the feature end and has began closed tests of its API in March. They will be releasing their Marketplace in the coming months, alongwith improved search, new and optimized member profiles and an Address Book 2.0. With time business social networks have really proved their worth and utility and this is exactly how an investor from Israel got connected with Maxthon, a Chinese browser.
However the true potential of these business social networks would be utilized only after the integration or merger of LinkedIn(U.S.), Xing(Europe), and IconnectE(Asia), enabling business professionals to make global connections.
