San Luis Obispo based software company Mindbody has signed an agreement to acquire fitness company ClassPass.
ClassPass is a monthly subscription service that provides access to different fitness and wellness experiences.
In a statement, Josh McCarter, Mindbody CEO said, “Our companies share a singular focus on bringing wellness experiences to more people, in more places. By leveraging the best of both companies’ technology and expertise, we are more committed than ever to providing studios with best-in-class tools to help them grow and thrive, while also driving more consumers to their businesses.”
The agreement will include a $500 million investment from a group led by investment firm Sixth Street.
The investment intends to fuel the growth of the combined companies.
The acquisition will allow ClassPass to operate its own app and website.
Fritz Lanman, ClassPass CEO, will serve as President of ClassPass and Mindbody Marketplace.
