New Work Bundle
What is the history of New Work SE?
New Work SE has significantly influenced professional networking, especially in German-speaking countries. It began in 2003 with Lars Hinrichs' 'Open Business Club' in Hamburg, aiming to create a digital space for professional connections and career growth.
Initially known as XING, the platform was the first Web 2.0 company worldwide to go public in December 2006, highlighting the increasing need for online professional connections. The company rebranded to New Work SE in 2019, embracing a more people-centric approach to professional life.
What is Brief History of New Work Company?
The company, now operating as a privately held entity since its delisting in June 2025, focuses on connecting job seekers with employers and improving employer branding. As of June 30, 2024, it serves around 22.5 million XING members in the DACH region. Understanding its market position involves a thorough New Work PESTEL Analysis.
What is the New Work Founding Story?
The New Work Company history began on August 1, 2003, with the establishment of Open Business Club GmbH (OpenBC) in Hamburg, Germany. Entrepreneur Lars Hinrichs founded the company with a vision for a digital platform designed to facilitate professional networking, idea exchange, and job seeking.
The Genesis of a Professional Network
The New Work Company origins trace back to Lars Hinrichs' entrepreneurial spirit and his identification of a gap in the market for digital professional connectivity. The initial concept focused on building a 'small-world network' to help professionals leverage their existing connections.
- Founded as Open Business Club GmbH (OpenBC) on August 1, 2003.
- Lars Hinrichs was the founder.
- The initial business model centered on a 'small-world network' concept.
- The first product, the OpenBC online platform, launched on November 1, 2003.
The early years of the New Work Company, then known as OpenBC, were marked by rapid development and a clear focus on its core offering. The platform was designed to empower professionals by making their networks more visible and accessible, a novel approach in the early 2000s digital landscape. This period laid the groundwork for what would become a significant player in the online professional world, demonstrating the potential of digital solutions for career advancement and business connections. The company's Target Market of New Work was clearly defined as professionals seeking to expand their reach and opportunities.
Rebranding and Public Debut
A pivotal moment in the New Work Company evolution occurred in November 2006 when OpenBC rebranded to XING. This strategic change coincided with a significant corporate milestone: the company's Initial Public Offering (IPO) on the Börse Frankfurt in December 2006.
- Rebranded from OpenBC to XING in November 2006.
- Successfully completed its IPO on the Börse Frankfurt in December 2006.
- Became the first 'Web 2.0' company globally to go public.
- The IPO marked a major step in the company's growth story.
The New Work Company's journey from inception was significantly influenced by the prevailing cultural and economic climate of the early 2000s. The widespread adoption of the internet created a fertile ground for digital platforms that promised enhanced connectivity and efficiency. Lars Hinrichs' background as a serial entrepreneur likely provided the necessary drive and expertise to navigate the complexities of establishing a new venture. The company's early success and subsequent public offering underscore the market's receptiveness to innovative digital solutions for professional networking. The New Work Company's corporate history is a testament to its ability to adapt and capitalize on emerging technological trends.
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What Drove the Early Growth of New Work?
Following its founding in 2003 and rebranding to XING in 2006, the company experienced rapid early growth and significant expansion. By July 2006, XING had amassed over 1.5 million users, primarily within German-speaking Europe, but also with a notable presence in the Far East.
Early User Acquisition and Market Presence
The company quickly gained traction after its rebranding in 2006, reaching over 1.5 million users by July of that year. Its initial focus was on German-speaking Europe, but it also established a presence in the Far East.
IPO and Capital Infusion
A significant milestone in the New Work Company history was its successful Initial Public Offering (IPO) in December 2006. This event provided substantial capital, fueling further development and market penetration efforts.
International Expansion Through Acquisitions
In its early years, the company pursued an international expansion strategy, acquiring several European social networking platforms. Notable acquisitions included EConozco and Neurona in Spain in 2007, and Cember.net in Turkey in 2008.
Diversification and Strategic Market Focus Shift
The company diversified its offerings by acquiring Amiando, a German ticketing and event organization firm, in 2010. By 2012, a strategic shift occurred, focusing primarily on the German-speaking (DACH) market, where approximately 90% of its page views originated.
Product Innovation and Mobile Accessibility
Key product developments included the launch of a job marketplace in October 2007, introducing a pay-per-click model for job ads in Germany. The company also expanded its reach to mobile devices by launching applications for various smartphone platforms.
Acquisition of kununu and Leadership Changes
A significant acquisition was kununu GmbH on January 1, 2013, for an initial price of approximately €3.6 million, potentially reaching up to €5.8 million. This bolstered its social recruiting market position. Leadership also evolved, with Lars Hinrichs stepping down as CEO in January 2009, succeeded by Stefan Groß-Selbeck, and later by Thomas Vollmoeller in 2012. These strategic moves were crucial for the Revenue Streams & Business Model of New Work.
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What are the key Milestones in New Work history?
The New Work Company history is marked by significant milestones and strategic shifts, evolving from its origins as XING. Its journey reflects a dynamic adaptation to the digital landscape and the changing nature of work.
| Year | Milestone |
|---|---|
| 2006 | Completed its Initial Public Offering (IPO), becoming Europe's first Web 2.0 company to go public. |
| 2007 | Launched a job marketplace utilizing a pay-per-click model. |
| 2013 | Acquired kununu, enhancing its social recruiting capabilities with employer reviews. |
| 2019 | Rebranded from XING SE to New Work SE, aligning with the broader 'New Work' movement. |
| 2024 | Delisted from the Frankfurt Stock Exchange in August. |
| 2025 | Burda Digital SE became the sole shareholder in June, transitioning to private ownership. |
Innovations have been central to the company's development, including early adoption of mobile applications to broaden platform access and the strategic integration of employer review data through acquisitions. These advancements aimed to enhance user experience and provide valuable insights within the professional networking space.
Job Marketplace Launch
Introduced a job marketplace in 2007, featuring a pay-per-click model to connect employers with potential candidates.
Mobile Application Integration
Early adoption of mobile applications extended the platform's reach and accessibility for users on the go.
Employer Review Integration
The acquisition of kununu in 2013 integrated employer reviews and company insights, bolstering social recruiting tools.
Brand Realignement
The 2019 rebranding to New Work SE aligned the company's identity with the broader 'New Work' philosophy, signaling a commitment to evolving work environments.
Strategic Repositioning
In response to market conditions, the company focused on repositioning XING as a dedicated jobs network and discontinued certain products like Honeypot.
Transition to Private Ownership
The delisting in August 2024 and subsequent acquisition by Burda Digital SE in June 2025 marked a significant shift to private ownership, impacting its public market presence.
The company has faced notable challenges, including a decline in Group revenues to €133.7 million in H1 2024 and a significant EBITDA drop to €1.8 million in the same period, partly due to restructuring expenses of €24.7 million. Leadership transitions, such as Petra von Strombeck stepping down as CEO in June 2025, also highlight periods of strategic adjustment amidst economic pressures.
Financial Performance Fluctuations
The first half of 2024 saw a revenue decrease to €133.7 million and EBITDA fall to €1.8 million, impacted by strategic realignments and economic conditions. This period also included a net loss of -€7.8 million.
Restructuring and Product Discontinuation
A comprehensive restructuring initiative was undertaken, involving the repositioning of XING and the discontinuation of products like Honeypot to streamline operations.
Leadership Transitions
The company experienced leadership changes, with Henning Rönneberg succeeding Petra von Strombeck as CEO in June 2025, following a period of significant business model transformation.
Shift to Private Ownership
The delisting from the Frankfurt Stock Exchange in August 2024 and becoming a sole subsidiary of Burda Digital SE in June 2025 represent a major structural change.
Market Competition
Navigating a highly competitive digital landscape requires continuous adaptation and strengthening of core brands to maintain market relevance and growth.
Economic Headwinds
Challenging economic environments have impacted the performance of its recruiting solutions business, necessitating strategic adjustments and a focus on core offerings.
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What is the Timeline of Key Events for New Work?
The New Work Company's journey began with its founding as Open Business Club in August 2003, evolving through significant milestones including its rebranding to XING in 2006 and its subsequent IPO. The company's development has been marked by strategic acquisitions and leadership changes, culminating in its renaming to New Work SE in 2019 to better reflect its broader philosophy.
| Year | Key Event |
|---|---|
| 2003 | Lars Hinrichs founds Open Business Club (OpenBC) in Hamburg, Germany, which officially launches in November. |
| 2006 | OpenBC is renamed XING and becomes the first European Web 2.0 company to go public in December. |
| 2007 | XING launches its job marketplace. |
| 2013 | XING acquires kununu, a leading employer review platform. |
| 2019 | XING SE is renamed New Work SE, signifying a broader commitment to the 'New Work' philosophy. |
| 2020 | Petra von Strombeck becomes CEO. |
| 2024 | New Work SE's shares are delisted from the Frankfurt Stock Exchange effective August 26, 2024. |
| 2025 | Henning Rönneberg succeeds Petra von Strombeck as CEO, and Burda Digital SE becomes the sole shareholder. |
Strategic Focus on Job-Centric Networking
New Work SE is concentrating on strengthening XING's role as a primary job network. This involves significant investment in marketing, including a major campaign in early 2024 to highlight its job-focused realignment.
Growth of Employer Review Platform
The company aims to continue the expansion of kununu as the leading employer review platform in the DACH region. Kununu's 'Workplace Insights' saw a 25% increase to 11.7 million in the first half of 2024.
Impact of New Ownership Structure
As a privately held entity under Burda Digital SE, New Work SE is expected to benefit from increased strategic flexibility. This allows for a deeper focus on its core mission without the immediate pressures of public market scrutiny.
Future Vision and Alignment
The company's future direction is geared towards connecting professionals and companies for a better working life. This aligns with its founding vision of empowering individuals within the professional sphere, building on its Mission, Vision & Core Values of New Work.
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