announced today that it has entered into a definitive agreement for an equity partnership with Ark Applications, LLC, a private equity and consultation firm, and PAR, Inc., a leading publisher of assessment instruments, software, and other related materials.
LiftSync's patent-pending technology synchronizes wearable fitness band technology with weight training programs, allowing for greater adherence with professionally designed training programs. LiftSync provides an automatic updating application that seamlessly syncs with an athlete's workout, effortlessly tracking individual results and measuring long-term progress against established training goals.
"LiftSync is thrilled to partner with the Ark Apps team. Their overall experience and network is invaluable to LiftSync's growth and success," said Matthew Phillips, cofounder of LiftSync. "As an executive team composed solely of undergraduate students, we could not be more excited to enjoy the support of such a strong team of leaders. This partnership has paved the way to success and many great opportunities that lie ahead."
The concept driving LiftSync was formed on the University of Tampa campus by Phillips and fellow students Patrick Schroeder and Mariner Cheney. After developing and refining the broad parameters of their product idea, they unveiled LiftSync during the fall of 2015 at the Startup Weekend Tampa Bay competition held on the University of Tampa campus. LiftSync was chosen by the judges' panel as the winner of the competition and was subsequently voted the global winner of the Disruptors and Big Ideas Track of the Global Startup Battle.
The LiftSync team is now fully engaged in product development, operating out of the Spartan Accelerator Program at the John P. Lowth Entrepreneurship Center at the University of Tampa. LiftSync also recently took first place at the 2016 Southeast Entrepreneurship Conference, beating out 24 university teams from the southeastern United States.
"We are delighted to be on this journey with LiftSync and believe that this solution will deliver transformative insight into athletic performance while providing tremendous value to the fitness industry. The LiftSync team members are remarkably talented and are a superb reflection of the University of Tampa programs in which they are enrolled," said Daniel Greco, managing director of Ark Applications.
"The Lowth Entrepreneurship Center is proud of the student business founders who developed and are implementing this new venture to enhance safety in the weight room," noted Rebecca J. White, Director of the John P. Lowth Entrepreneurship Center at the University of Tampa. The terms of the deal have not been disclosed. In connection with the partnership is an equity stake in LiftSync, which will provide the team with working capital needed to pursue a market entry strategy.
For additional information on LiftSync, visit www.liftsync.co.
About LiftSync, LLC
LiftSync, LLC is a technology company that is transcending the barriers of fitness by delivering wearable instruments, software, and analytics that deliver transformative insights into athletic performance. To learn more, please visit www.liftsync.co.
About Ark Applications, LLC
Ark Applications, LLC is a private equity and consulting firm dedicated to discovering companies in the Tampa Bay area that have the potential to be great. Its goal is to empower management teams to enhance performance, develop long-term growth strategies, and ultimately generate greater value.
About PAR, Inc.
Founded in 1978, PAR is a leading publisher of assessment instruments, software, and other related materials. Over the past three decades, PAR has earned a reputation for providing customers with innovative assessment solutions and unparalleled customer service. To learn more about PAR's products, visit www.parinc.com or call (800) 331-8378.
LiftSync, LLC Matthew Phillips Cofounder firstname.lastname@example.org (813) 407-2780
Ark Applications, LLC Daniel D. Greco, II Managing Director email@example.com (973) 670-7238
PAR, Inc. Eric Jessen Vice President of Marketing firstname.lastname@example.org (800) 331-8378