iFIT announced the acquisition of Sweat. This is an app that offers online exercise for women. According to rumours, Sweat was sold for $300 million. It was founded by Kayla Itsines and CEO Tobi Pearce in 2015. IFIT intends to keep Sweat as an independent brand as they did with other brands such as NordicTrack or Proform.
iFIT’s first public offering is expected to take place later in the year. This is another major move by the brand to increase their company’s value. also changed their name (they were previously ICON Health and Fitness), added 11 music stations to their workouts and just welcomed Michael Phelps to their team.
Scott Watterson, CEO and Founder at iFIT wrote:
Tobi, Kayla and the Sweat team have created an amazing brand and community for fitness enthusiasts. We are thrilled to welcome Kayla, along with all the other stars trainers at Sweat, to the iFIT family.
These two businesses, founded by founders, are very complementary. This acquisition expands our market reach to new markets, demographics and fitness preferences. It covers both domestic and international markets. Our common vision is to help people all over the globe achieve their health and well-being goals.
Sweat will give iFIT a huge competitive advantage. It will enable us to expand our membership base and add new fitness genres to our rapidly-growing subscription business.
Watterson’s quote suggests that iFIT may integrate Sweat classes and programs into its iFIT platform. We are waiting to hear more about any announcements.