iFIT has officially announced their upcoming acquisition of Sweat, which is an online fitness app designed for women. Sweat, which was cofounded by CEO Tobi Pearce and trainer Kayla Itsines in 2015, is rumored to have been sold for around $300 million. IFIT plans to keep Sweat as a standalone brand, as they have with their other brands like NordicTrack and Proform.
With iFIT’s initial public offering expected to come later this year, this is yet another big move by the brand to increase the value of their company. iFIT also recently changed their name (they were previously ICON Health and Fitness), added 11 new music stations to their workouts, and just yesterday welcomed Michael Phelps as one of their newest trainers.
Scott Watterson, CEO and Founder of iFIT, wrote:
Kayla, Tobi and the team at Sweat have built an incredible brand and community of fitness enthusiasts. We are delighted to welcome Kayla’s authentic fitness training and charismatic personality—along with all of Sweat’s other star trainers—to the iFIT family.
Our two founder-led businesses are highly complementary and this acquisition extends our market reach into new geographies, demographics and fitness preferences spanning both home and commercial markets globally. We have a shared vision of helping people around the world achieve their goals for health and well-being.
The addition of Sweat will allow iFIT to further expand our membership base as well as add new fitness genres and modalities to our fast-growing subscription business, giving our company a tremendous competitive advantage.
Based on Watterson’s quote, it seems that iFIT does plan on possibly integrating Sweat classes, programs, and memberships into the iFIT platform. No further announcements have been made, but we look forward to learning more soon.