SLO-based Mindbody acquires health firm ClassPass

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San Luis Obispo-based software company Mindbody has signed an agreement to acquire fitness company ClassPass.

ClassPass is a monthly subscription service that provides access to a variety of fitness and wellness experiences.

In a statement, Mindbody CEO Josh McCarter said, “Our companies share a common focus on bringing wellness experiences to more people in more places. By leveraging the best of the technology and expertise of both companies, we are more committed than ever to providing studios with world-class tools that will help them grow and prosper while attracting more consumers to their business. “

The agreement includes a $ 500 million investment from a group led by investment firm Sixth Street.

The investment is intended to fuel the growth of the combined companies.

The takeover enables ClassPass to operate its own app and website.

Fritz Lanman, CEO of ClassPass, becomes President of ClassPass and Mindbody Marketplace.