Sosido Networks is being acquired by LX Ventures in a reported deal worth $300,000. The Vancouver-based publicly traded incubator plans to grow its new purchase by increasing revenue and the customer base. They are also looking at improving the service. The startup is a community that allows healthcare professionals to exchange knowledge between users. The idea behind the platform is to allows its users to create a group of trusted sources of information to gain knowledge and keep up with trends. The startup believes it is changing the way health care professional communicate with each other and disseminate information. Sosido Networks had a beta release in 2012 and has monetized its service since then.
Sosido believes that it has a large opportunity because there market in North America alone totals four million healthcare professionals. These individuals are directly responsible for healthcare purchases of $1 trillion which the company says is a “large and disruptable market opportunity.”
Mike Edwards, CEO of LX Ventures, spoke on the occasion and stated that, “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.”
Sosido CEO, Tanis Steward added that, “It’s exciting to become part of LXV. 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.”
LX Ventures has been fairly active in the past several months and recently bought Mobio Technologies. The start had developed 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.” Canadian LXV also purchased Weeve.it in February. The firm acquired the startup because its was the “the world’s first crowdfunding platform to utilize a freemium model that allows nonprofit organizations to raise money without transaction fees.”
Source: TechVibes
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