It’s been a big week for former The Bachelor star and fitness advocate Sam Wood, who last week welcomed the birth of his third child and sold his fitness app ’28 by Sam Wood ‘in a $ 71 million (US $ 50m) deal with Melbourne tech company myDNA.
Wood, 41, had his third daughter, Harper, with wife Snezana Markoski, on May 4.
He founded 28 by Sam Wood with business partner, David Jackson in 2016 under the parent company Australian Life Tech (ALT). More than 400,000 have used the Wood fitness program.
The ALT business has expanded its offering into corporate wellness, white label platforms, product partnerships and retreats. It has delivered a three-year revenue and a compound annual growth rate of more than 30%.
Under the acquisition deal, ALT will help myDNA accelerate its Software as a Service (SaaS) offering and direct-to-consumer growth.
myDNA uses genomic data to drive precision medicine and personalized wellness. It’s chaired by Rich Lister Dennis Bastas founder and CEO of Arrotex Pharmaceuticals, who holds a 20% stake in the genetics business.
Wood said the merger “is the next big chapter and will allow us to supercharge growth, add incredible new tech features and personalization” for subscribers to 28 by Sam Wood.
“I am so proud of what we have achieved so far and even more excited about what the future holds with myDNA holds,” he said.
myDNA CEO Dr Lior Rauchberger said both companies will retain their own branding. He will be CEO of the parent company, MYDNA INC.
“Bringing together the technology platform, innovative product offerings and the immense talent of these two companies will accelerate the global commercialization of Australian developed IP,” he said.
David Jackson, who is also CEO of ALT, said Dr Rauchberger and Bastas had built an “incredible global health-tech business”.
“Australian Life Tech is passionate about using smart technology and data to unlock health outcomes and these complements myDNA’s leadership in genomic health and insights,” he said.