Mindbody, a wellness experience technology platform, has agreed to buy ClassPass, a monthly subscription service providing access to a large network of fitness and wellness experiences, according to a press release.
The new deal will help make a “one-stop shop” for business owners and consumers, the release stated.
“This acquisition comes at a pivotal time for the wellness industry as it continues to rebound from COVID-19 related closures — and local and authentic experiences are more important to people than ever,” said Mindbody CEO Josh McCarter in the release. “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 acquisition comes as both companies’ research and data have shown that people are becoming ready to go to more in-person exercise and health classes, according to the release. Almost 80% of consumers, additionally, have prioritized wellness as more important than ever, and several markets have seen bookings on Mindbody going back to pre-pandemic levels.
ClassPass offers features specifically for business owners, including SmartTools with machine learning (ML) that help studios deal with excess inventory and marketing unsold spots, the release stated. Meanwhile, Mindbody is known for its Software-as-a-Service (SaaS) platform, which works with “tens of thousands” of businesses.
ClassPass CEO Fritz Lanman told PYMNTS at the onset of the pandemic in 2020 that the health crisis had the effect of virtually canceling the entire industry of wellness and fitness classes.
He said working out is a “communal activity” for people, and while it wasn’t the same, people ended up signing on for digital classes to stay active.