Under the cash deal with parent group of 28, Australian Life Tech (ALT), fitness star founder Mr Wood will become an investor in myDNA, with a 5 per cent stake.
Previous BSC The Australian rider said this was a game changer in terms of health and personal well-being.
“We have a very strong B2C [business-to-consumer] a program. One thing we are proud of is our personality and personalization. I think that’s why we’ve been so successful, and myDNA, what we found really attractive is that extra level of personalization through genomics,” he said.
Mr. Wood said it gives companies the ability to build more tailored wellness programs.
“Great user experience”
Since it was founded in 2016 by Mr. Wood and business partner David Jackson, CEO, ALT has expanded its offering to include corporate wellness, white label platforms, product partnerships, and retreats.
She has worked with brands such as health insurance company 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 He built his website and app from scratch, which Mr. Basta called a “great user experience” for exercise and nutrition, with steady subscribers.
“Sam has garnered a fantastic following, the platform itself has been a beautiful user experience, and to be honest, from a myDNA perspective, the allure in acquiring his company is all the people who have approved of it,” said Mr. Bastas.
“What we also found attractive is the platform strategy behind it.”
28 by Sam Wood is already one of the most popular digital at-home fitness programs, with over 400,000 participants since its inception.
The couple has aspirations to build a global platform.
ALT will support myDNA to accelerate its software-as-a-service and direct-to-consumer growth. MyDNA merged in January 2021 in a $130 million deal with a much larger genetic testing company, Houston-based Gene by Gene.
MyDNA operates three sources of income: genetic genealogy services; Clinical Laboratory (and Infrastructure) Testing in Houston and Melbourne; and a subscription service business to business to consumers (B2B2C).
Bastas, founder of Arrotex Pharmaceuticals, said myDNA is in talks with other potential acquisitions in the United States and Israel.
He said myDNA is still looking to list in the United States through a reverse merger with a shell company, Atlantica Inc, associated with Alan Gordon of PE Richland, Gordon. & company.
Since SPACs (or Special Purpose Acquisitions) are no longer favored by the investment community, a reverse listing will be more appropriate in the coming months, Bastas said.
“We are only in those stages of finding our primary investor for the listing,” he said.
MyDNA is also backed by former Swisse CEO Radek Sally, who is a director and early investor, like Probuild founder Phil Mehrten.
