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The on-demand fitness provider Wellbeats is being sold to a Toronto-based company for $92.5 million. 

LifeSpeak, based in Toronto, announced this week it has acquired the St. Louis Park company, calling Wellbeats a "leading provider of an on-demand, software-as-a-service (SaaS) physical wellbeing platform."

"The acquisition supercharges LifeSpeak’s ability to meet rapidly growing demand from organizations for a comprehensive, single-vendor solution to meet mental and physical health support needs," the release states

LifeSpeak notes corporate wellness solutions are in high demand, which is driven by employees' expectation that employers provide total wellbeing support.

"We are excited to be part of the LifeSpeak family and look forward to continuing to deliver on our mission for our clients, their employees, and shareholders," said Jason Von Bank, president and CEO of Wellbeats.

Wellbeats was founded in 2008 to serve gyms and fitness facilities with on-demand workout videos, but in 2018 turned its focus to offering exercise videos to employees through corporate wellness programs, the Business Journal explains. It has clients including Land O'Lakes, the U.S. Air Force and HealthPartners. 

Von Bank will become the chief operating officer at LifeSpeak once this deal is complete. The deal is expected to close in March. 

Wellbeats will continue to operate as a standalone company based in Minnesota.

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