Oslo-based fitness tech start-up, which combines fitness and gaming, PlayPulse, says it has been acquired by a ‘leading technology company’, ‘currently undisclosed due to confidentiality agreements’ – no financial details have been disclosed either.
According to Norwegian tech and business news site, Shifter, the Brønnøysund registers (Norway's public registry) there was some movement which may lay claim to those behind the deal.
"The business register has received an explanation dated 02.06.2023 of the conclusion of an agreement under the Companies Act between the company and YoudaoEducation Technology (Hongkong) Limited. Further information can be found in the document."
This is an edtech company owned by Playpulse investor NetEase. Whether this is connected to the sale, Shifter has not yet received clarity. (Shifter)
The start-up began life as a student project in 2015, by Kristoffer Hagen and Stian Weie, it then became the subject of PhD research, by the pair, until they met current CEO Erling Magnus Solheim and began the journey to commercialisation in 2017.
PlayPulse comes in the form of an exercise bike (which might remind you of a Peloton bike) ‘with custom hardware, software platform and games’ to make exercise more fun, for the rider in a home setting.
"After many years of hard work to create the world’s best exergaming experience, we are confident that this strategic move will drive further advancements in the fitness and interactive entertainment industries,” said Solheim.
The company also said that the deal shows ‘significant recognition of PlayPulse's achievements and the value it has brought to the market’ and that the company in question ‘is renowned for its industry-leading expertise and product innovation capabilities’.