St. Louis Park healthcare software company sells for $92.5 million

On-demand fitness provider Wellbeats is being sold to a Toronto company for $92.5 million.

Toronto-based LifeSpark announced this week that it has acquired St. Louis Park, calling Wellbeats “a leading provider of an on-demand, software-as-a-service (SaaS) fitness platform.”

“The acquisition strengthens LifeSpeak’s ability to meet growing demand from organizations for a comprehensive, single-vendor solution to address mental and physical health support needs,” the statement said.

LifeSpark notes that corporate wellness solutions are in high demand, driven by employee expectations that employers provide comprehensive wellness support.

“We are thrilled to be part of the LifeSpeak family and look forward to continuing to fulfill our mission for our customers, their employees and our shareholders,” said Jason Von Bank, president and CEO of Wellbeats.

Wellbeats was founded in 2008 to provide gyms and fitness facilities with on-demand workout videos, but in 2018 it focused on offering exercise videos to employees through corporate wellness programs, says the Business Journal. His clients include Land O’Lakes, the US Air Force and HealthPartners.

Von Bank will become LifeSpeak’s COO once this deal is completed. The deal is expected to close in March.

Wellbeats will continue to operate as a standalone company based in Minnesota.

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