Mindbody buys ClassPass
Leisure Opportunities
Job search
Job Search
see all jobs
Latest job opportunities
Coram’s Fields
£18,046 pro rata (£23,000 FTE)
Coram's Fields, Kings Cross/Bloomsbury, London
Coach Gyms
£15k basic + commission + Bonus
Leeds / Harrogate, UK
Everyone Active
Competitive
South Oxhey Leisure Centre, Watford
Watford Football Club Community Education Trust
£23,000 - £27,000pa
Meriden Community Centre, Watford
énergie Fitness
Competitive + commission + performance related pay enhancements
Ashford, Surrey

Mindbody buys ClassPass

Mindbody has triggered the process by which it will acquire ClassPass
Founder Payal Kadakia, who will exit the business, says the deal is a milestone for a female-founded company
The deal coincides with a cash injection of US$500m into the business from global investment house Sixth Street
Josh McCarter will lead the combined business, with Fritz Lanman acting as president of ClassPass and Mindbody Marketplace
Job opportunities
Stamford Endowed Schools
£6.56 to £9.05 per hour
location: Stamford, Lincolnshire, United Kingdom
SnowDome
location: Tamworth, Staffordshire, United Kingdom
Ashlyns School
£20,903 - £23,080 plus fringe allowance
location: Berkhamsted, Hertfordshire, United Kingdom
more jobs
This acquisition comes at a pivotal time for the wellness industry as it continues to rebound from COVID-19 related closures
– Josh McCarter, CEO Mindbody
Credit: Mindbody

Mindbody has announced it's buying ClassPass, the consumer wellness subscription service that enables people to use a range of gyms, studios and wellness facilities for one monthly subscription.

The deal will bring two of the industry’s most prominent tech businesses together to offer both business- and consumer-facing services. They're also expected to jointly fast-track the development of their corporate wellness business.

"By leveraging the best of both companies’ technology and expertise, we'll provide studios with tools to help them grow and thrive, while also driving more consumers to their businesses,” said Josh McCarter, CEO of Mindbody. “Our companies share a singular focus on democratising wellness by bringing these experiences to more people, in more places."

The acquisition will be an all-stock deal and will integrate the two teams, with ClassPass continuing to operate its app and website and Mindbody continuing to operate its app to drive 'discovery'. ClassPass will become a brand within the Mindbody portfolio.

Following the completion of the deal, Fritz Lanman, CEO of ClassPass, will move to the role of president of ClassPass and Mindbody Marketplace and will work alongside McCarter.

ClassPass founder Payal Kadakia, who is thought to be exiting the business, said: “Our north star has always been how we can help people discover and seamlessly book soul-nurturing experiences.

“This acquisition will be a massive milestone for a female-founded company and I'm confident in the leadership of Josh McCarter and my long-time business partner Fritz Lanman to propel the business forward and continue delivering a best-in-class experience for consumers and business owners.”

In addition to the acquisition, Mindbody has also secured a US$500m investment from a group led by global investment firm Sixth Street.

Mindbody's majority investor and partner, Vista Equity Partners, will retain its involvement, while the new top team will see the addition of board members from ClassPass investors L Catterton and Temasek.

Recent research from both companies shows consumers are getting back to in-person health and wellbeing experiences, with nearly eighty per cent of consumers reporting that wellness is more important to them than ever.

Markets that have fully reopened are registering bookings at pre-COVID levels on the Mindbody platform, while ClassPass consumer volumes are running at 110 per cent of pre-COVID volumes.

“It's been a tough 18 months for everyone," said McCarter. "This acquisition will turbocharge our recovery and also comes at a pivotal time for the wellness industry as it continues to rebound from COVID-19 related closures."

There are strong synergies between the two businesses, says McCarter, with less than a third of customers being shared, creating opportunities for cross-selling. "Mindbody locations will feed into the ClassPass app," he told Fit Tech, "improving the consumer experience, while also driving bookings for wellness businesses on the Mindbody platform."

“The ClassPass network includes many businesses already working with Mindbody. By combining our respective operations, we will create more seamless integrations and unlock new revenue opportunities for business owners using both services," said Lanman.

“For consumers using our marketplace and professionals enrolled in the ClassPass Corporate Program, our goal is to create greater choice and flexibility in the experiences they can book.”

In terms of global trading, ClassPass is currently active in 30 countries, with Mindbody in eight. The deal is expected to ramp up Mindbody's international expansion.

About Mindbody

Best known for its SaaS platform that powers wellness businesses globally, Mindbody has remained focused on its mission to "help people lead happier, healthier lives by connecting the world to wellness".

The company acquired software house Booker and its SpaBooker system – originally founded by SpaFinder – in 2018.

Major milestones for Mindbody have included the creation of an integrated virtual platform, marketing automation tools and the introduction of Mindbody Capital, a product that gives small business owners access to finance to help them invest in and grow their business.

About ClassPassClassPass offers data-driven, machine learning-based SmartTools to help operators manage excess inventory and market unsold time at revenue-maximised prices.

The company says studios on ClassPass typically experience a 30 per cent increase in reservation volume and a 15-20 per cent increase in revenue using SmartTools.

ClassPass also says fifty per cent of its members are new to boutique fitness, while eighty per cent visit a new studio for the first time using the platform.

Sign up for FREE ezines & magazines
Mindbody has announced it's buying ClassPass, the consumer wellness subscription service which enables people to use a range of gyms, studios and wellness facilities for one monthly subscription.
PTS,HAF,FIT,IND,SAB,CPW,CAS,TEC
2021/THUMB348594_673165_190484.jpg

More News

1 - 15 of 43,479
22 Oct 2021
The pandemic has had an "unprecedented" impact on physical activity levels in England, with 1 million more adults becoming physically inactive in the 12 months ... More
22 Oct 2021
A puppet of a refugee girl has 'walked' across Europe on a 5,000km (3,100m) journey, with the help of eleven puppeteers and is now nearing ... More
21 Oct 2021
The first énergie Fitness club has opened in Spain as part of a push for global expansion. énergie Barcelona St Cugat will be operated by ... More
21 Oct 2021
Construction work on the Eden Project Qingdao visitor attraction in China has reached a major milestone. The main truss of the large, single biome of ... More
21 Oct 2021
Scotland's UNESCO World Heritage Sites are being brought together through the world’s first ever UNESCO digital trail. The trail connects the country’s 13 place-based UNESCO ... More
20 Oct 2021
A global innovation competition has been launched to find ways to encourage and support more older workers to return or remain in the workplace. The ... More
FreeMotion Fitness
FreeMotion Fitness
20 Oct 2021
Work has been completed on two new spectator stands at Lord's Cricket Ground in London, UK, adding 2,600 seats to the total capacity of "the ... More
19 Oct 2021
Xponential Fitness has acquired Body Fit Training in a deal worth US$44m. The deal takes the number of studios open – or contracted to open ... More
18 Oct 2021
Exercise has been highlighted as a crucial weapon in cancer patients’ battle against the disease. Research from Edith Cowan University (ECU) in Perth, Australia, has ... More
18 Oct 2021
The global health and fitness industry is returning to a busy programme of live trade shows and industry events, following an 18-month period in which ... More
15 Oct 2021
Matrix and Intelivideo have signed a strategic partnership, which will see Intelivideo's fitness content integrated into Matrix's premium commercial equipment. Intelivideo's on-demand and trainer-led programming ... More
15 Oct 2021
Nadine Dorries, the recently appointed secretary of state for digital, culture, media and sport at the DCMS, has promised that the government will place sport ... More
Floors 4 Gyms / TVS Sports Surfaces
Floors 4 Gyms / TVS Sports Surfaces
13 Oct 2021
Construction work has begun on a £13m redevelopment project which will look to transform the V&A Museum of Childhood into the UK’s "premier national museum" ... More
13 Oct 2021
Tanni Grey-Thompson has outlined her vision on how the physical activity sector can play "the fullest role in improving the health of the nation". Speaking ... More
13 Oct 2021
The Global Health & Fitness Alliance (GHFA) has revealed the makeup of its inaugural nine-member Advisory Council, which will oversee the alliance's activities. GHFA is ... More
STA
STA
1 - 15 of 43,479
Technogym
Technogym