Acquisition of UK based Volution to Accelerate Growth
Sydney, Dec 2, 2020 AEST (ABN Newswire) - Digital health and fitness company OliveX Holdings Limited (
NSX:OLX) is pleased to advise that it has entered into a binding letter agreement to acquire the assets of UK company Anorton Holdings Ltd (in Administration), trading as Volution (Volution), for GBP191,000 (~A$345,000).
The acquisition is subject to the signing of a business sale agreement which is expected to occur during the next week.
Volution is a UK-based software business that develops end-to-end CRMs specifically for the fitness industry. Their solution includes full analytics, a lead generation platform, and custom software integrations.
Subject to obtaining third party consents, OliveX will acquire Volution's existing contracts with Anytime Fitness Philippines and Fitness World, bringing direct access to 256 gyms and the potential to access a wider network of approximately 5,000 gyms around the world.
Negotiations currently underway between Volution and other global fitness clubs - many of which are at an advanced stage - will potentially enable the OliveX brand and its innovative fitness offerings to reach thousands more gyms and fitness clubs globally.
Volution's assets also include a suite of fitness-focussed technology solutions, such as the "Virtual Hub" products that allows fitness trainers to create, upload and schedule classes, that can be used in the KARA Smart Fitness platform development.
It is intended that the approximately 10 staff members currently working with Volution will transition to OliveX, adding to the Company's sales, product and software development capabilities.
"At OliveX, we have been exploring opportunities to partner with Volution for some time, so we were quick to act when we had the opportunity to acquire the business," Keith Rumjahn, CEO of OliveX said. "The Volution technology will give us yet another way to leverage data to create better ways to make fitness fun and rewarding, so we are very excited about working with the Volution team and truly taking OliveX to the world."
KARA Smart Fitness
KARA Smart Fitness is OliveX's digital application that delivers premium, on demand and live health and fitness-related content and classes from celebrity trainers and wellness influencers across the globe. KARA Smart Fitness complements the KARA Smart Fitness Mirror and together the products provide a complete hardware and software solution that harness artificial intelligence and technology for at-home fitness.
For more information, please visit www.karasmartfitness.com
Volution
Volution is a UK-based software business that develops tools and interfaces to help gyms maximise the value of their data. By providing tools to attract, engage, retain and monetise gym memberships, Volution's software enables gym owners to optimise the performance and returns from their clubs.
For more information, please visit www.volution.fit
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
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