Mindbody acquires workout subscription platform ClassPass as fitness industry rebounds
With attendance to in-person fitness classes on the rebound, Mindbody said it will acquire ClassPass in an all-stock deal.
Mindbody is often described as something akin to the OpenTable of the fitness world: Gyms and fitness studios use its backend software to help organize classes and bookings. ClassPass, on the other hand, is used by consumers to sign up for workout classes on a subscription basis. More recently, ClassPass has expanded to work with beauty salons and other wellness providers.
Financial terms were not disclosed. However, Axios reported that Mindbody will hold between a 60% to 70% stake in the combined business. Before the pandemic, ClassPass had been valued at more than $1 billion. While in 2019, Mindbody was taken private in a $1.9 billion buyout by Vista Equity.
“The future is hybrid,” ClassPass CEO Fritz Lanman said Thursday on CNBC’s “Squawk Box.” “There are some people who really want digital [workouts], some want in-person only, and there are some who want both.”Read More