IPOS - iFIT Health acquires fitness training platform Sweat ahead of likely IPO

SimonSkafar/E+ via Getty Images iFIT Health & Wellness agreed to buy online fitness training platform Sweat. Terms weren't disclosed. Earlier the WSJ reported the news and said that iFIT was paying around $300M for the company, which was founded in 2015 by trainer Kayla Itsines and CEO Tobi Pearce. The iFIT acquisition of Sweat comes as the owner of NordicTrack prepares for an initial public offering in the fall, according to the WSJ report. iFit, which competes with Peloton Interactive (PTON), was recently valued at more than $7B in its most recent funding round late last year. Peloton's market cap is about $35B. In early March, Bloomberg was first to report that iFIT was working with Morgan Stanley and BofA on a potential listing this year that could value the exercise-machine maker at more than $7B. Itsines and Pearce will continue to lead the Sweat business in their existing roles,

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iFIT Health acquires fitness training platform Sweat ahead of likely IPO