In the last decade, the world has seen a boom in the startup industry. According to an estimation made by the Global Entrepreneurship Monitor, a staggering 100 million businesses are launched annually. This means there are three new businesses forming every second, or an unbelievable 11,000 new companies per hour.

With this fierce competition, the survival rate of these businesses is also too low. According to many studies, roughly 96% of all new businesses will fail to survive their first year. This is mainly because of the lack of a strong business plan or failure in raising enough funds. The remaining 4% of the businesses will pivot dramatically to adjust to real-life market conditions or will weather away gradually.

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To tackle this issue, Jason Corbett and Amir Kaltak founded blockchain firm LEXIT. This Estonian firm will provide a platform to the startup businesses for an easy merger and acquisition process.

The firm was founded by the trio Amir Kaltak, Deniss Raider and Maija Majamaki. The Chief Strategy Officer of LEXIT, Jason Corbett, is a professional lawyer and has an extensive experience working in the financial and blockchain industry.

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Amir Kaltak, co-founder and CEO of LEXIT, unveiled this startup to the public at the Web Summit 2017 in Lisbon.

While addressing the audience, Amir said: “More than 95% of all startups vanish prematurely, taking invaluable knowledge and great ideas with them. The remaining 5% often pivots radically during their lifecycle, abandoning amazing tech on their way to success. Even successful mid-tier startups struggle to find exit strategies that reflect their true value. LEXIT’s goal is to help all of them utilize their technology, putting it a new and successful context.

With millions of businesses forming and disintegrating annually, buyers and sellers have an unbelievable hard time to find each other and to negotiate fairly. This results in imperfect flows of information, high mediation costs, and expensive overhead, which render Merger & Acquisition processes extremely complicated.”

LEXIT is targeting the current slow and inefficient process of mergers and acquisitions. To provide clients with services like evaluation and assessment of the businesses, LEXIT is planning to maintain an independent network of industry-specific specialists and appraisers.

Amir Kaltak added: “In today’s system, mediators serving as middlemen, enjoy a highly privileged position resulting in restricted markets, slow processes, and high costs. Blockchain technology allows us to turn the table on this relationship.”