The U.S-based fitness membership platform ClassPass announced that it has signed an agreement to acquire GuavaPass - its rival in Asia and the Middle East. The amount of the deal was undisclosed.
Launched in early 2015, Singapore's GuavaPass aims to provide access to top classes at boutique fitness studios across Asia.
Under the agreement, ClassPass acquires GuavaPass’ operations in 11 cities across Asia and the Middle East including Abu Dhabi, Bangkok, Beijing, Dubai, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Shanghai and Singapore.
The deal comes after ClassPass began expanding its international footprint in 2018.
“This transaction will only accelerate our robust growth trajectory as we continue expanding throughout Asia and the Middle East,” said ClassPass CEO Fritz Lanman.
The acquisition is expected to close in January 2019, after which time, GuavaPass will cease operations in markets where ClassPass is available.
Meanwhile, the GuavaPass brand will continue to operate in the remaining markets, under the ClassPass umbrella until further notice.
Furthermore, GuavaPass founders Jeffrey Liu and Rob Pachter will join the ClassPass team, along with select GuavaPass talent, to further expand ClassPass’ international presence.
With the acquisition, ClassPass now operates in over 80 markets across 15 countries and plans to continue its expansion by launching in at least 50 new markets in 2019.
“We’re doubling-down on our international expansion efforts with no intentions of slowing down in 2019,” says Chloe Ross, ClassPass VP of International.
Founded in 2013, ClassPass is a membership gateway to a large network of fitness studios and gyms. It was recognized as one of Forbes's ‘Next Billion Dollar Startups’.
The company connects members to a variety of fitness experiences - with over 13,000 partners in 65-plus cities worldwide - including yoga, cycling, Pilates, barre, running, strength training, dance, sports, videos and more.
The acquisition marked the second for ClassPass, as the company has previously acquired a direct competitor FitMob for an undisclosed amount. Last year, ClassPass announced that it received $85 million in Series D funding. The company has so far raised a total of $255 million.