Congratulations to Glofox, a nominee in this year’s Irish Sport Industry Awards who last night confirmed a sale of the business to competitor ABC Fitness. The details of the deal were not disclosed but the valuation of the business is understood to be in the region of €200 million.

The company was founded in 2014 by former Connacht Rugby player Conor O’Loughlin together with his partners Finn Hegarty and Anthony Kelly.

Based initially on South William Street in Dublin they had built a solid business providing software and payment services to gym owners.

An initial fundraising round of €13 million including a number of Irish VC funds who will also be winners from last night and the company and the key management moved to California.

In 2019, just before the pandemic, they raised another €10 million to develop a streaming and on-demand service that gave them cash and product to weather the storm of Covid.

It was still touch and go with most of their customers closing their doors for an extended period but as they bounced back so too did Glofox with on-target revenues for this year expected to be around €20 million.

The next phase of the development of the business will be as a single entity alongside ABC Fitness with the plan being to bring it to market. If that goes well it will mean another significant payday for O’Loughlin and his team.