Vancouver-based LX Ventures is launching a remote back office and "cloud CFO" company called Fodio Technologies to service, scale and monetize the cloud accounting industry.
LXV says that Fodio will increase the quality of financial reporting for small to medium-sized businesses by outsourcing core business support services including accounting, admin and human resources.
"Cloud accounting has disrupted the traditional accounting industry in a profound way over the last few years and is pushing much more of the financial reporting back into the hands of business owners and employees who once had the assistance of experienced bookkeepers and accountants. ," the Canadian company explains. "Fodio will be a hybrid back office and cloud accounting solution encompassing much of what a traditional bookkeeper, accountant and/or CFO might do including accounting, payroll management, forecasting, administrative duties and human resources needs."
LX Ventures has also formed an advisory board. So far, the board has three members: David Baxby, the co-CEO of Virgin Group; Lance Tracey, a cofounder of Peer 1 Networks; and Reza Kaemipour, the chief executive officer of Oris4.
"Mr. Baxby, Mr. Tracey and Mr. Kazemipour bring extensive business and finance skills to the newly formed advisory board, as well as specific experience in company exits as can be demonstrated with Lance's recent massive win with Peer 1," says Mike Edwards, CEO of LX Ventures. "Their expertise will strengthen the Company's ability to oversee its technology companies as it continues to create shareholder value through launching, acquiring and integrating early-stage high-growth technology companies that LXV will look to position for successful exits."
LX Ventures is a publicly traded technology incubator that launches, integrates, and acquires early stage high growth technology companies.