Fitocracy is an online fitness and social network, with over 2 million users, that aims to help users improve their fitness and wellness.
It is ranked among the top 5 social fitness platforms in the world.
As per the new agreement, MyFiziq’s body shape tracking app will be integrated into Fitocracy’s fitness community and personal coaching app.
Fitocracy’s current user base of over 2 million users will be able to track changes in their body shape and dimension using the MyFiziq technology as they follow Fitocracy’s coaching programs.
MyFiziq will be an integral part of Fitocracy’s offering and a key point of difference to other platforms.
With an initial target of 500,000 Fitocracy users subscribing to the MyFiziq solution, potential revenue to MyFiziq, excluding future Fitocracy growth, is up to US$9 million per annum.
While the term sheet which the parties have signed is stated to be binding, the companies have agreed to enter into a definitive agreement within 90 days to better define their roles and obligations.