LX Ventures is based in Vancouver, Canada and is about to launch a new back office and “cloud CFO” company, which will be called Fodio Technologies. This new company from LX Ventures will monetize, scale and service the accounting industry in the cloud. The Canadian company will help small and medium sized businesses to improve the quality of their financial reports simply by outsourcing the main support services of the business, which includes admin, human resources and accounting.
Explaining about this new move LX Ventures stated that, “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. 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.”
Besides this the British Columbia based company has also announced that it has formed a three member advisory board as well, which comprises of the chief executive officer of Oris4, Reza Kaemipour; cofounder of Peer 1 Networks, Lance Tracey and the co-CEO of Virgin Group, David Baxby.
On this occasion CEO of LX Ventures, Mike Edwards said that, “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. 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 basically an incubator that not only acquires and integrates early stage technology companies with excellent growth, but also launches them. This group is focused on developing the next generation of entrepreneurs by giving them mentorship, resources, funds and the right to use to their worldwide network. LXV has a twin approach, as it either develops an association with the existing companies in order to help them with scaling and distribution or innovate internally right from the very beginning till the launch and exit stage.
So it is anticipated that with these two new moves, LX Ventures will be able to further boost its services and business.
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