Wellness technology platform Mindbody has acquired subscription-based fitness marketplace ClassPass and secured a separate $500 million investment in the combined company from Sixth Street.
Financial terms of the all-stock acquisition were not disclosed, though ClassPass was valued at $1 billion after a $285 million funding round in January 2020. Sixth Street’s investment adds to ongoing support from Vista Equity Partners, which bought Mindbody for $1.9 billion in February 2019.
ClassPass, which will remain its own brand as part of the deal, allows studios to price their classes based on a variety of factors that ensure consumers are paying for their own unique needs.
- ClassPass CEO Fritz Lanman says roughly one-third of ClassPass’ studios are not yet using a booking software. The rest will have the opportunity to sign up with Mindbody, but it won’t be required.
- He expects the combined company to “create more seamless integrations and unlock new revenue opportunities for business owners.”
During COVID-19 lockdowns, ClassPass revenues fell as much as 95%. The company was forced to lay off or furlough half its employees in April 2020.
Lanman told TechCrunch that their data has found a “pent-up demand for in-person fitness classes.” ClassPass usage is currently 110% of its pre-COVID usage.
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