Vancouver’s LX Ventures, a publicly traded business incubator, has completed its previously announced purchase of Vancouver-based Mobio Technologies Inc., a developer of identity and trust solutions. LX Ventures acquired the company for approximately $400,000 in stock, plus revenue sharing. Mobio was a portfolio company of Rho Canada Ventures and raised venture capital funding in 2011 and 2012.
LX Ventures Completes Acquisition of Mobio Technologies Inc.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 17, 2013) – LX Ventures Inc. (TSX VENTURE:LXV) (“LXV” or the “Company”)and Mobio Technologies Inc. (“Mobio”) are pleased to announce that LXV has, through a wholly owned subsidiary, successfully closed the acquisition of Mobio. In consideration for the assets of Mobio, LXV has issued 2,000,000 common shares, all of which are subject to a statutory hold period and lock-up for a period of twenty-four months.
The completion of this acquisition marks a significant milestone in LX Ventures’ high growth strategy of launching, acquiring and integrating early stage high growth technology companies poised for breakout in the AdTech, FinTech and HealthTech verticals. Mobio’s flagship product, Mobio INsider, grows LXV’s presence in the AdTech sector by allowing music stars such as pop sensations Ke$ha, Jacob Latimore and Cher Lloyd to accelerate their careers, create content requested and voted on by their top fans, and increase revenues from their social media platforms. As part of the INsider experience, the artist’s fans can engage with brand partners to unlock fan directed content (artist pictures, videos, and answers) before their peers, creating new career supporting revenue.
“We are very excited about this acquisition, as Mobio’s incentivized advertising technology solves a big problem of monetizing social streams and maximizing fan engagement,” said Mike Edwards, CEO of LX Ventures.
Clovis Najm, Founder and CEO of Mobio, said, “This acquisition broadens the skill sets of the Mobio team and provides an increased platform to ramp up the commercialization of our ground breaking technology that provides true engagement and monetization of social platform traffic.”
About LX Ventures
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 existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit: www.lxventures.com.
About Mobio Technologies, Inc.
Mobio Technologies flagship product, Mobio INsider, is a leading fan directed content network and gamification platform that rewards music fans with content they have a hand in creating from the artists they love and connects brands to their desired audiences. The platform successfully reaches its core target audience – teens and tweens – through a highly engaging social game, while increasing the artist’s social media following and boosting awareness of brand partners. The company is headquartered in Vancouver, British Columbia. To learn more, please visit www.mobio.net.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
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