ClassPass, a subscription-based app providing access to thousands of gym and fitness offerings, has discussed merging with Mindbody, a business management software focused on wellness that has 1.3 million app subscribers of its own.
Terms of a potential deal aren’t available, but Bloomberg reported that the companies have talked about going public upon combining. Mindbody went public in June 2015 but went private again in 2018 amid a $1.9 billion buyout from Vista Equity Partners.
ClassPass reached a valuation of over $1 billion after a $285 million funding round in January 2020, just before COVID-19 closed gyms.
- The app features 40,000 businesses across 30 countries.
- A partnership with “digital health ecosystem” Wellteq was announced this week.
ClassPass paused subscriptions during shutdowns but plans to restart them soon in cities opening up, though some users have said they are canceling their memberships and not returning to brick-and-mortar gyms.
On the other hand, MindBody said in January it was on track to match the “typical” 30% increase in revenue it normally sees in the new year.
Of the Americans who started using an online fitness studio for at-home workouts last year, 68% plan to keep doing so.
