Sale of Australian Life Tech

Canterbury Partners is pleased to have acted as lead advisor to the founders of Australian Life Tech (‘ALT’) on their divestment to myDNA Inc. (‘myDNA’), a Melbourne-founded genomics company backed by healthcare entrepreneur Dennis Bastas.
Launched in 2016, ALT has developed a market-leading digital exercise and nutrition program, ‘28’, which is available through web, iOS and Android platforms. It provides members with access to highly customisable and personalised workouts, meal plans, and other expert advice, alongside a vibrant online community. It is one of the country’s most popular at-home digital fitness programs, with more than 400,000 participants since its inception.
More recently, ALT has expanded its offering into corporate wellness, white-label platforms, product partnerships and retreats and has worked with blue-chip brands such as Bupa, Woolworths and Blackmores.
myDNA has historically provided personalized genomics services however following a merger with Houston-based Gene by Gene in January 2021, now operates across three primary areas: genetic genealogy services; laboratory clinical testing (and infrastructure) in Houston and Melbourne; and a subscription service business to business to consumer (B2B2C) business.
ALT will support myDNA to accelerate its software as a service offering and direct-to-consumer growth, as it pursues as listing in the United States.
Structured part cash, part scrip, the transaction was terrific recognition of the value created in ALT to date and provided the ALT shareholders with an opportunity to partner with myDNA as it looks to scale the business globally.