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A Melbourne-based firm that gives clients insights into their diet, fitness and wellness from a DNA test has acquired the parent company of weight loss program 28 by Sam Wood for $71 million.
The deal will see myDNA and Australian Life Tech (ALT) - both headquartered in Melbourne - merge to combine the former’s genetic analysis expertise with the latter’s behavioural change data and insights.
ALT is the home of The Bachelor star and Young Entrepreneur Sam Wood’s online exercise and nutrition program, which has assisted 400,000 people since its inception in 2016.
“My vision, through 28, always has been to help change the lives of as many people as possible,” Wood said.
“This merger is the next big chapter and will allow us to supercharge growth, add incredible new tech features and personalisation to our member experience.
“I am so proud of what we have achieved so far and even more excited about what the future with myDNA holds.”
The merger is the latest move for Wood and business partner David Jackson, who founded ALT in 2016.
Over the past half decade, the two have expanded the company’s offering into corporate wellness, white label platforms, product partnerships and retreats with clients including Bupa, ANZ (ASX: ANZ) and Blackmores (ASX: BKL).
ALT CEO Jackson said he was excited about the team’s future with myDNA.
“Australian Life Tech is passionate about using smart technology and data to unlock health outcomes and this complements myDNA’s leadership in genomic health and insights,” he said.
myDNA CEO Dr Lior Rauchberger, who heads up the genomics firm which uses DNA to personalise everyday health decision-making and diets, said the merged company will aim to create a healthier world through individualised wellness programs.
“Bringing together the technology platform, innovative product offerings and the immense talent of these two companies will accelerate the global commercialisation of Australian developed IP,” Dr Rauchberger said.
Post-merger, both companies will retain their own branding and operate under parent company MYDNA INC which will be headed by Dr Rauchberger.
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