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- Health tech provider MyFiziq (MYQ) has teamed up with The Original Fit Factory (TOFF) to combine its tech with a major fitness platform
- Under the agreement, MYQ will integrate its body tracking technology with TOFF’s wellness platforms
- Essentially, this allows users to monitor their measurements while they burn calories with the company’s fitness app
- TRUCONNECT — TOFF’s flagship platform — boasts over two million active users across 71 countries, providing great exposure for MyFiziq
- Overall, TOFF wants to sign one million active users to the platform within the first twelve months of the integration
- And while MYQ doesn’t anticipate any immediate financial return from the deal, it does expect to receive licence fees once the commercial agreement gets underway
- MYQ shares are currently trading up 1.61 per cent, trading for 94.5 cents each
MyFiziq (MYQ) has teamed up with The Original Fit Factory (TOFF) to combine its tech with a major fitness platform.
Under the agreement, MYQ will integrate its body tracking technology with TOFF’s wellness platforms. Essentially, this allows users to monitor their measurements while they burn calories with the company’s fitness app.
Source: TRUCONNECT by TV.FIT
TRUCONNECT — TOFF’s flagship platform, — is a leading fitness application with global reach. Already, it’s available in 71 countries and seven continents.
Currently, the mobile app boasts over two million users, who can access thousands of online workouts at the touch of a button.
More broadly, TOFF has access to a 60-million-strong audience of business-to-business (B2B) and business-to-consumer (B2C) users— meaning there’s great exposure for MYQ’s technology.
Under the binding term sheet, the integration will be offered to TOFF’s suite of fitness and wellbeing, medical, corporate wellness, and insurance sector clients.
While the deadline for the market-ready integration is January 31, 2021, MyFiziq and TOFF will develop an initial integration before that date. The timing is strategic: both parties want something ready to go as the fitness-based New Year resolutions roll in.
Overall, TOFF wants to sign one million active users within the first twelve months of the integration. And while MYQ doesn’t anticipate any immediate financial return from the deal, it does expect to receive licence fees once the commercial agreement gets underway.
Commenting on the deal’s context, MyFiziq CEO Vlado Bosanac said the health and fitness industry had to adapt to mitigate the challenges of COVID-19.
“David and his team at The Original Fit Factory, with their focus on providing flexibility to individual, are leading the digital innovation curve, as
evidenced by their recently reported user growth to two million users, with projections to reach five million users on their platforms in 2021,” he stated.
David Weir, CEO and Founder of TOFF, said TRUCONNECT’s focus on the individual formed a key part in building what he believes to be “the world’s best online wellness community.”
“MyFiziq’s technology furthers our vision to be the best online wellness community globally as it enables us to provide our users with the capability to capture and track their body composition and dimensional changes in-line with our TRUCONNECT programs,” David expressed.
Following today’s announcement, MYQ shares rose 1.61 per cent, trading for 94.5 cents each at 11:58 am AEDT.
