Estonian software company FitQ Studio OÜ, which builds software for personal trainers, has acquired Gymwolf OÜ, a company operating in the same field for around a decade.
Gymwolf is a platform with more than 25,000 users, allowing fitness enthusiasts to maintain their gym workout diaries and personal trainers to create and sell training plans for people looking to improve their fitness, as well as monitor their progress and receive user feedback.
The transaction took place in the form of a share exchange, where FitQ Studio OÜ acquired Gymwolf OÜ, and the existing shareholders of Gymwolf OÜ joined the FitQ shareholder group.
Shareholders comment
"Gymwolf has created an exceptionally capable back-end solution for managing workout diaries and plans, which has been refined based on user feedback for over a decade. Our development plan included creating such capabilities for trainers using our platform, and with this agreement, we shortened the time it takes for this product to reach the market by at least a year," said FitQ Studio CEO Marti Soosaar, assessing the recently begun collaboration.
Indrek Ulst, creator of Gymwolf, Chief Technology Officer of software development company Mooncascade, and amateur athlete, commented on why Gymwolf did not become a unicorn independently: "There is strength in collaboration. We started Gymwolf in 2011 as a simple gym workout diary. Over the years, new features and mobile applications were added. In 2018-2019, we planned to take the project more seriously and build a tool for trainers to create training plans and manage their clients. We invested a significant number of working hours with a small team to develop the product and launch it in 2020. Unfortunately, gyms closed for a long time just then, our team's focus shifted to other projects, and motivation to work on this product declined. However, the passion for sports is still in my heart, and I believe that by moving forward with FitQ Studio, we can find a new outlet for the solutions created so far for Gymwolf and take it to the next level."
Future vision
Marti Soosaar promised that by the fall of 2023, the products will be integrated with each other, adding that Gymwolf creates an additional trendy opportunity as a platform. Specifically, an AI can offer its plans as a single trainer in a well-structured and analyzable way. "Whether and when AI will take over the black work of composing plans and leave only the cheerleader role for the personal trainer, we'll see within the next 3-5 years," Soosaar contemplated.
FitQ Studio OÜ is a software platform for personal trainers and home exercisers, which grew out of the Stebby OÜ environment during the 2020 coronavirus year.
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