We are moving towards a services economy where more and more value in an economy is created through services. The Internet of Services addresses the challenge to transform services into tradable goods that are offered, sold, executed and consumed via the internet. More specialized services will be offered as organizations need to focus on core competences to be able to compete on the global market. Semantic technologies are key enablers of the Internet of Services to allow for the aggregation, composition and coordination of such specialized services, which are potentially provided by different service providers, into value-added services. The German funded TEXO project runs under the umbrella of the THESEUS research programme and addresses the challenges for an Internet of Services. The interdisciplinary TEXO consortium is coordinated by SAP and includes a number of industrial and academic partners having technical, economical and legal competencies.