Mindbody is taking ClassPass under its wings with an acquisition announcement on Wednesday. ClassPass is essentially an online booking platform where users are able to gain access to over 30k studio and gym facilities housing fitness classes. Mindbody is on the business-facing side of things, where it offers fitness studios, gyms, and lifestyle centers built-in software where they can organize their customer appointments and classes.
The acquisition is a perfect B2C meets B2B story and offers Mindbody a chance to integrate its software into ClassPass’ customers, which don’t have a functioning booking system. The transaction values ClassPass at $1b, with the company keeping its brand name and news of the acquisition already bringing in a $500m investment.
why it matters
The acquisition comes after ClassPass’ latest funding round in January 2020 where it secured $265m. However, both ClassPass and Mindbody operate in the fitness industry where in-person interactions are crucial.