Jonas Software has acquired Retention Management in a deal that involves two of the leading software services companies in the fitness club industry.
Barry Symons, CEO of Toronto-based Jonas Software, told Club Industry the deal is finalized but declined to comment on the terms of the agreement and the length of the negotiations. The acquisition was announced on Monday.
"We felt it was a good company that provides tremendous value to its clients, and they could continue to do that going forward within the Jonas family and potentially provide value to our other fitness clients that currently do not benefit from Retention Management's products and services," Symons said in an email.
Retention Management, Cornelius, NC, will continue to be run independently, Symons confirmed.
"Within Jonas, we use a decentralized structure and expect each of our business units to be self-sustaining and only go for what we call the screamingly obvious synergies," Symons said. "What this really means is that the team at Retention Management will be staying, the products and services they delivered yesterday will be delivered tomorrow by that team and then we will share with the team at Retention Management our learnings and best practices to hopefully further enhance the strong value they currently provide to their customers."
This is Jonas Software's second major acquisition of a software company that serves the fitness club industry in the past two years. Last March, the company acquired Club Solutions by Fiserv, Brookfield, WI, and converted the business assets of Club Solutions into Jonas Fitness Inc.