Vancouver-based publicly traded incubator LX Ventures is acquiring Mobio Technologies.
Mobio launched its flagship product, Mobio INsider, in June 2012. It's 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, according to the startup.
LX Ventures plans to expand INsider's capabilities to a broader group of influencers including actors, athletes, and celebrities alike. According to LX, Mobio's platform has recently been monetized and has "a clear revenue model" that leverages mobile devices.
"Mobio's incentivized advertising technology is a natural fit for our AdTech market vertical. Together, we will internally innovate and deliver revolutionary ways for brands to reach their target consumers across multiple market sectors," says Mike Edwards, CEO of LX Ventures.
"It's exciting to become part of LXV as their experience and connections to all influencers and large advertisers is incredibly broad," noted Clovis Najm, CEO of Mobio. "Their team has the skills to accelerate the expansion of Mobio into the global offering we have all been working towards."
LX says that the term sheet remains subject to negotiation but the deal will be worth approximately 2,000,000 LXV common shares "in addition to certain revenue sharing provisions."