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.