Peloton and iFIT Announce Settlement of All Pending Litigation
Peloton (NASDAQ: PTON) and iFIT have announced a settlement resolving all ongoing litigation between them as of May 16, 2022. The settlement entails iFIT removing specific on-demand leaderboard technology from its offerings, while Peloton will license certain iFIT patents related to remote control technology. Both companies express satisfaction in concluding their legal disputes and will not provide further comments. This agreement marks a significant step for Peloton in fostering technological collaborations and reducing litigation risks.
- Settlement removes ongoing litigation risks between Peloton and iFIT.
- Peloton gains access to iFIT's remote control technology patents.
- None.
NEW YORK and LOGAN, Utah, May 16, 2022 /PRNewswire/ -- Peloton (NASDAQ: PTON) and iFIT announce today the settlement of all pending litigation between them. All pending actions between the companies will be dismissed. As a result of this comprehensive settlement, iFIT has agreed to remove certain on-demand leaderboard technology from its products, and Peloton has agreed to license certain iFIT patents relating to remote control technology. The parties are pleased to put the litigations behind them and will have no further comment.
About Peloton
Peloton is the leading interactive fitness platform in the world with a loyal community of more than 6.6 million Members. The company pioneered connected, technology-enabled fitness, and the streaming of immersive, instructor-led boutique classes for its Members anytime, anywhere. Peloton makes fitness entertaining, approachable, effective, and convenient, while fostering social connections that encourage its Members to be the best versions of themselves. An innovator at the nexus of fitness, technology, and media, Peloton has reinvented the fitness industry by developing a first-of-its-kind subscription platform that seamlessly combines the best equipment, proprietary networked software, and world-class streaming digital fitness and wellness content, creating a product that its Members love. Consumers can access the brand's immersive content through the Peloton Bike, Peloton Tread, Peloton Bike+, Peloton Guide and Peloton App, which allows access to a full slate of fitness classes across disciplines, on any iOS or Android device, Apple TV, Fire TV, Roku TVs, and Chromecast and Android TV. Organizations and enterprises have the opportunity to access select Peloton products and the platform for their teams and customers through Peloton Corporate Wellness or Peloton Commercial. Founded in 2012 and headquartered in New York City, Peloton has a growing number of retail showrooms across the US, UK, Canada, Germany, and Australia. For more information, visit www.onepeloton.com.
About iFIT
iFIT® is a global fitness and well-being subscription technology company that provides unmatched fitness experiences and solutions to its growing community of over 7.3 million members in over 120 countries. iFIT's industry-leading brands – NordicTrack®, ProForm®, Sweat®, Freemotion®, Weider® and 29029® – are powered by the iFIT integrated health and fitness platform, which seamlessly connects the company's proprietary software, experiential content and interactive hardware. Based in Logan, Utah, with offices in Paris, Shanghai, Sydney and Leeds, the company offers immersive, adaptive, personalized workout experiences for every fitness level and interest. iFIT delivers these patented interactive experiences through an extensive offering of live and on-demand content across the industry's broadest range of connected fitness modalities. iFIT is a pioneer and leader in the health and fitness industry with more than 400 issued and pending patents.
Contacts:
Letena Lindsay, Peloton
press@onepeloton.com
Colleen Logan, iFIT
colleen.logan@ifit.com
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SOURCE Peloton
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