Update #2: Jason Goldberg, founder of Social Median, in an emailed response to MediaNama has said that "Truesparrow has been a tremendous partner for socialmedian. They have had a considerable equity stake in socialmedian and will be a Xing shareholder as part of this transaction. As a shareholder they are a party to all aspects of the deal." Which means True Sparrow gets both cash and equity. Update #1: Nishith Shah of True Sparrow Systems has confirmed to MediaNama that they did have stake in Social Median; he declined to comment on how much stake, though. Shah said that they don't have any concrete plans yet, but they will continue to work on Social Median, and will explore doing other things as well. Almost the entire TrueSparrow team was working on Social Median Original Story: European professional networking site Xing has acquired SocialMedian, a social news aggregator founded by Jason Goldberg. Goldberg will be joining Xing in Germany, as VP for Xing Applications Platform. SocialMedian services will be launched within Xing as well. Techcrunch reports that Xing is paying $7.5 Million for acquisition - $4 million in cash and EUR 0.5-2.5 million payable over three years. SocialMedian was developed entirely in India, by Pune based True Sparrow Systems, which also had a stake in the venture. According to what Goldberg wrote in August "...we have made our Indian team shareholders in socialmedian, so we are one company building one product. It's an offshore situation, not an outsourcing relationship." The entire social median…
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