LX Ventures Acquires Sosido Networks

Posted by Techvibes NewsDesk

Vancouver-based publicly traded incubator LX Ventures is acquiring Sosido Networks.

Sosido completed a beta rollout last year, recently commercializing their platform. The startup is an online knowledge exchange community for healthcare professionals. It uses technology to connect and filter knowledge through trusted colleagues, creating a communication platform that improves the way healthcare professionals share information and collaborate.

There are four million healthcare professionals in North America who directly influence $1 trillion in healthcare spending annually, according to Sosido, in what the company describes as a "large and disruptable market opportunity." LX Ventures plans to expand and improve upon the Sosido platform to drive user acquisition and revenue growth.

"The acquisition of Sosido brings significant synergies to the LXV group. The management team of Sosido, with its strong domain experience, fits perfectly into the expansion strategy for LXV’s HealthTech division. Sosido has recently commercialized and is seeing strong growth of its platform and users, so the timing of the acquisition is ideal for LXV," says Mike Edwards, CEO of LX Ventures.

"It’s exciting to become part of LXV," noted Tanis Steward, CEO of Sosido. "Their team has the skills and experience to continue to accelerate the expansion of Sosido by leveraging our sector expertise, while further refining our technology and improving our users’ experience.”

The transaction is estimated to be worth $300,000.

Last month, LXV acquired Mobio Technologies, the creator, of a a fan-directed content network for social media influencers and their fans that has helped music stars with 10,000 to 28 million social fans accelerate their careers, create content requested and voted on by their top fans, and increase revenues from their social media platforms.

In February, LXV acquired Weeve.it, the world's first crowdfunding platform to utilize a freemium model that allows nonprofit organizations to raise money without transaction fees.

Sosido Networks Inc.
Vancouver, British Columbia, Canada

Sosido Networks is building a world-class web application that allows physicians, nurses, pharmacists and other healthcare professionals to share and filter knowledge through a network of online communities. Sosido connects and expands existing colleague networks and identifies, then delivers, the information critical to each member. Sosido enables the knowledge exchange which leads to... more

LX Ventures
Vancouver, British Columbia, Canada

LX Ventures is a publicly traded incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with... more

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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more

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