Kayla Itsines and Tobi Pearce have sold their Adelaide-based women's health business Sweat to a US fitness software giant for a reported $400 million, just six years after its founding.
Connected fitness software, content and equipment company iFIT has picked up Sweat in a deal The Advertiser reports is worth approximately USD$300 million, however financial terms were not disclosed.
Post-acquisition, Itsines and Pearce will continue to lead the Sweat business in their existing roles from Adelaide, South Australia, and iFIT will add Sweat as a standalone business to its portfolio of health companies.
Founded in 2015 as a fitness e-book, the Sweat app gives women on-demand access to expert fitness advice, one-on-one personal training and unique exercise content.
To date, the company has a global community of more than 50 million women across its social channels and the app is translated into eight different languages and is available in 155 countries.
"Sweat has had an incredible journey from our humble beginnings training women one-on-one in my Adelaide backyard to launching the Sweat App in 2015 to now joining the iFIT family," the face of the brand and fitness influencer Itsines said.
"Sweat was founded on our simple belief that fitness can genuinely help women improve their confidence, health and quality of life. Through iFIT's strategic leadership, we will be able to create new world class fitness content and product experiences to support more women on their fitness path forward.
"IFIT's acquisition has opened the door to an exciting new future for Sweat where we can deliver greater fitness variety, choice and value for women everywhere."
For iFIT the acquisition comes as the company makes a concerted push into the Australian market after announcing earlier this week plans to make its NordicTrack and ProForm interactive fitness equipment more available down under.
The deal will also provide opportunities for iFIT and Sweat to collaborate on content development, resulting in an increased range of fitness experiences.
iFIT plans to support job growth in the Sweat business over the near- and long-term across product, engineering, marketing and content divisions.
"Kayla, Tobi and the team at Sweat have built an incredible brand and community of fitness enthusiasts," iFIT CEO and founder Scott Watterson said.
"We are delighted to welcome Kayla's authentic fitness training and charismatic personalityalong with all of Sweat's other star trainersto 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."
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