Mindbody acquires ClassPass in all-stock deal and secures $500 million investment
ClassPass, the subscription-based fitness marketplace most recently valued at $1 billion, is today announcing that it has been acquired by Mindbody.
Mindbody is a bit like the OpenTable of the fitness world. Its booking software is used by studios, gyms and other experience-based service providers — the company recently signed a global agreement with Blo blowdry bar, for example — for customers and organizations to book their appointments, classes, etc.
ClassPass helps fill classes, while Mindbody provides the software that helps fitness centers run their business.
The terms of the deal were not disclosed, but Mindbody’s CEO Josh McCarter said that it was an all-stock deal. Alongside the acquisition, Mindbody is also announcing that it has secured a $500 million investment for the merged entity, led by Sixth Street.Read More