Nautilus, Inc. announces the acquisition of VAY, a leader in motion technology
VANCOUVER, Washington – (COMMERCIAL THREAD) – Nautilus, Inc. (NYSE: NLS) (“Nautilus”, “the Company”), a leader in innovation in home fitness for more than 30 years, today announced that it has entered into a definitive agreement to acquire VAY (pronounced “manner”), a leader in motion technology.
Through a combination of machine learning expertise and in-depth knowledge of human biomechanics, VAY’s proprietary technology enables computers to understand human movement using cameras. The acquisition will allow Nautilus to evolve its digital JRNY® platform by providing core technologies to power the company’s vision and motion tracking capabilities that enable real-time data analysis during workouts. Nautilus will integrate these capabilities into its JRNY platform to advance and accelerate highly personalized individual training experiences. JRNY members will be able to use this technology with its existing and future Bowflex® and Schwinn® strength and cardio products, in addition to off-product workouts, such as bodyweight, yoga and other floor exercises.
“As part of our North Star plan, we have identified a need in the market for very precise form tracking and coaching. We believe that integrating VAY’s technology into JRNY is the fastest way to accelerate our technical roadmap to deliver superior connected fitness experiences to our members and improve platform progress by as a highly personalized individual digital fitness coach. This acquisition directly supports our goal of continuing to evolve into a more digital business and helps us advance our software development capabilities, ”said Jim Barr, CEO of Nautilus. “We also believe this partnership will fundamentally change home fitness by helping clients achieve their goals in a more personalized and scientific way. ”
VAY’s computer vision software analyzes movement and provides real-time exercise information, enabling repetition counting, form tracking and personalized coaching. With this acquisition, VAY’s proprietary technology, experience and highly technical skills will be engaged in the development of Nautilus product offerings, which will create even more personalized fitness experiences for its customers. VAY’s management and technical teams will join Nautilus within its software development group. In addition, VAY has an existing partnership with ETH Zurich, one of the best science and technology universities in the world. This partnership will be intensified through collaboration with the ETH AI Center and the formation of a center of excellence dedicated to the pursuit of personalized fitness.
“We are thrilled to join the Nautilus team as we continue to create a truly differentiated experience for connected home fitness. As a member of Nautilus, we can tailor this offering to a wider consumer base than ever before, ”said Joel Roos, Founder and CEO of VAY. “There are a lot of opportunities ahead to drive continuous innovation. We share the same vision and values and will be able to seize future growth opportunities in ways that we could not do alone. Together, we can define the future of the industry.
Financial terms of the transaction were not disclosed. The transaction is expected to be finalized in the coming weeks pending customary closing conditions.
VAY Advances Nautilus Long-Term Strategic Plan
The acquisition of VAY supports the company’s North Star: Journey to 2026 strategy, which was unveiled in March 2021 during Nautilus Investor Day. The goal of the strategy is to unlock sustainable growth and ultimately continue to digitally transform society, including evolving its JRNY digital fitness platform.
The company continues to expect the digital subscription business to account for around 20% of total revenue and target 2 million JRNY members by fiscal 2026. The transaction will help Nautilus move towards a new operating model which will have a more balanced product portfolio. and services are expected to generate higher recurring revenues and long-term profit growth.
The Company expects consumer preferences to continue to support a growing connected home fitness market. Nautilus estimates that 25% of former gym goers do not plan to return to the gym and the new model of working out from anywhere will continue to be widely adopted.
About Nautilus, Inc.
Nautilus, Inc. (NYSE: NLS) is a global leader in digitally connected home fitness solutions. The company’s family of brands includes Bowflex®, Nautilus®, Schwinn® and JRNY®, its digital fitness platform. With a wide selection of exercise bikes, cardio equipment, and strength training products, Nautilus, Inc. enables healthier lives through individualized, connected fitness experiences; and in doing so, envisions building a healthier world, one person at a time.
Based in Vancouver, Washington, the company’s products are sold direct to consumers on branded websites and through retail partners and are available in the United States and internationally. Nautilus, Inc. uses the Investor Relations page of its website (www.nautilusinc.com/investisseurs) to make the information available to its investors and the market.
VAY specializes in computer vision and AI technology solutions and has developed reliable and accurate software solutions for human motion analysis using any normal (RGB) camera from a device, such as a laptop, smartphone or tablet. With a mission to democratize professional human movement analysis, VAY empowers fitness and health clients to understand and analyze human movement, providing personalized feedback on repetitions and form in real time. VAY has partnered with world leaders in connected fitness and digital therapy. Based in Zurich, Switzerland, the company started R&D in 2018 and was incorporated in 2019 as a spin-off of ETH Zurich, one of the world’s top science and technology universities. Since then, VAY has won numerous awards and established itself as the global leader in camera motion analysis for fitness and health applications. For more information, please visit https://www.vay.ai/.