Genomics group myDNA snaps up Sam Wood’s fitness program for $71 million
As part of the cash deal with 28’s parent group, Australian Life Tech (ALT), the fitness star’s founder, Mr Wood, will become an investor in myDNA, holding a 5% stake.
the old The single person The Australian candidate said it was a game-changer for personalized health and wellbeing.
“We have a very strong B2C [business-to-consumer] Platform. One thing we pride ourselves on is our personality and personalization. I think that’s why we’ve had the success that we’ve had, and myDNA, what they have that we find really appealing is that extra level of customization through genomics,” he said. declared.
Mr Wood said this gives companies the ability to create more bespoke wellness programs.
“Great user experience”
Since its founding in 2016 by Mr. Wood and his business partner David Jackson, who serves as its CEO, ALT has expanded its offering to corporate wellness, white-label platforms, product partnerships and retreats.
He has worked with brands such as health insurer Bupa, Woolworths and Blackmores. It has achieved three-year revenue and a compound annual growth rate of over 30%. The group is profitable.
28 by Sam Wood built its website and app from scratch, which Mr. Basta called a “great user experience” for exercise and nutrition, with loyal followers.
“Sam has a huge following, and the platform itself is a great user experience which, to be honest, from myDNA’s perspective, the attractiveness of acquiring his business was due to all the people who made it. ‘have accepted,” said Mr. Bastas.
“What we also found appealing was the platform strategy behind it.”
28 by Sam Wood is already one of the most popular digital home fitness programs in the country, with over 400,000 participants since its inception.
The couple aspires to build a global platform.
ALT will support myDNA to accelerate its software-as-a-service offering and direct-to-consumer growth. MyDNA in January 2021 merged in a $130 million deal with a much larger genetic testing company, Gene by Gene, based in Houston.
MyDNA operates three revenue streams: genetic genealogy services; clinical laboratory testing (and infrastructure) in Houston and Melbourne; and a business-to-business-to-consumer (B2B2C) subscription service.
Mr. Bastas, who is the founder of Arrotex Pharmaceuticals, said myDNA is in talks with other possible acquisitions based in the United States and Israel.
He said myDNA was still seeking US listing through a reverse merger with a shell company, Atlantica Inc, associated with Alan Gordon of PE Richland’s company, Gordon. & Company.
Mr. Bastas said that since SPACs (or special purpose acquisition companies) have fallen out of favor with the investment community, a reverse listing is more favorable in the coming months.
“We are only at the stage of finding our reference investor for listing,” he said.
MyDNA is also backed by former Swisse CEO Radek Sali, who is a director and early investor, as is Probuild founder Phil Mehrten.