In just five months of launching in Singapore, the first stop in their Asia expansion plan, US-based fitness subscription startup, ClassPass announced the acquisition of its Southeast Asian rival, GuavaPass.
TechInAsia (TIA) reported that ClassPass will be absorbing GuavaPass’ founders, Jeffrey Liu and Robert Pachter, and “select GuavaPass talent”.
The deal will see ClassPass taking over operations in the 11 cities across Asia that GuavaPass is present in, including Singapore, Hong Kong, Kuala Lumpur, Manila, Mumbai, and Dubai, among others.
The acquisition is set to close end of this month.
According to The Business Times (BT), “GuavaPass will cease operations in markets where ClassPass is available” and GuavaPass will continue to serve customers “under the ClassPass umbrella until further notice”.
In a note to GuavaPass users, founders Jeffrey and Rob assured users that the acquisition will not change the firm’s mission to provide the “ultimate fitness experience”.
A GuavaPass FAQ stated that all GuavaPass memberships will remain active until 14 January and will be cancelled at 15 January midnight.
GuavaPass class package members will have a new account created for them on ClassPass containing the same value of credits to their unused GuavaPass membership, and it will be a recurring membership that expires the same time as their GuavaPass membership.
For GuavaPass unlimited members, they can choose to either receive a refund or a ClassPass gift card with the value equivalent to the remainder of their GuavaPass membership.
BT also added that ClassPass will operate in over 80 markets across Asia, the US, Canada, Europe, and the United Arab Emirates, and are planning to enter at least 50 new markets this year.
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