VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") is pleased to announce that it is launching a remote back office and "cloud CFO" company called Fodio Technologies Inc. to service, scale and monetize the cloud accounting industry.
Fodio is a 100%-owned subsidiary of LXV that will increase the quality of financial reporting for small to medium-sized businesses by outsourcing core business support services including accounting, admin and human resources.
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. Related to this, a recent Associated Press finding (Press Release Jan 17, 2013) estimated that software is allowing entrepreneurs to launch businesses with a third fewer employees than in the 1990s. Today, there are dozens of cloud accounting SaaS and mobile app choices, leaving many businesses unsure of proper suitability, feature fit and correct setup.
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. Fodio plans to provide custom tailored setup of software for the individual needs of a business while continuing to provide remote back office services and the tracking of vital data for businesses.
Fodio is in early-stage development and is offering a limited suite of services with a full offering anticipated later in 2013. For more information, prospective customers can visit www.fodio.co. This represents an example of LX Ventures "Internal Innovations" strategy to create value in the digital technology sector through launching, integrating and acquiring early-stage high-growth companies in the FinTech, HealthTech and AdTech market verticals.
"I see first hand how many companies are not set up correctly at inception for success and to cope with the complexities of growth. Currently there is a massive move to cloud computing and the regulatory environment is becoming more complex, leaving companies with a gap in knowledge and expertise. Fodio will help to bridge this gap in the management of companies allowing them to better navigate the regulatory environment, the due diligence required for investment or acquisition and provide clear visibility on the financial health of the business." Said Mike Edwards, President and CEO of LX Ventures.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at http://www.sedar.com.