Deals
Mindbody Acquires ClassPass in Bet People Return to Workouts
- ClassPass was valued at more than $1 billion pre-pandemic
- Sixth Street invests $500 million to accelerate growth
Photographer: Scott Eells/Bloomberg
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Two providers of technology for the fitness industry are combining in a bet that people will return in force to in-person exercise as the pandemic eases.
Mindbody Inc., a platform for booking workout and health classes, agreed to buy ClassPass Inc., a monthly subscription service where users book classes at discounted rates and studios fill empty spots. The combination will create a one-stop shop for business owners and consumers. Terms weren’t revealed in the all-stock deal announced Wednesday.