Mindbody acquires ClassPass in all-stock deal and secures $500 million investment –
Summary
ClassPass, the subscription-based fitness marketplace most recently valued at $1 billion, is today announcing that it has been acquired by Mindbody. Alongside the acquisition, Mindbody is also announcing that it has secured a $500 million investment for the merged entity, led by Sixth Street. Founder and then-CEO Payal Kadakia envisioned a site that would let you book classes à la carte from a variety of studios and gyms. But McCarter and ClassPass CEO Fritz Lanman told TechCrunch that all their data points to immense pent-up demand for in-person fitness classes and experiences. Lanman and McCarter stressed that gyms and studios on the ClassPass network will not be required to use Mindbody, and vice versa.
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