Mindbody Inc.

Last updated

MINDBODY, Inc.
Mindbody
Company type Privately held company
Industry Software as a service
Physical fitness
Founded2001;23 years ago (2001)
Founder
  • Blake Beltram
  • Rick Stollmeyer
Headquarters4051 Broad Street,
San Luis Obispo, California, U.S. 35°14′50″N120°38′36″W / 35.247128°N 120.643251°W / 35.247128; -120.643251
Area served
Worldwide
Key people
 Fritz Lanman (CEO)
Owner Vista Equity Partners
Number of employees
1,337 (2016)  OOjs UI icon edit-ltr-progressive.svg
Subsidiaries ClassPass
Website mindbodyonline.com

Mindbody, Inc. is a San Luis Obispo, California-based software-as-a-service company that provides cloud-based online scheduling and other business management software for the wellness services industry. Founded in 2001, the company services over 58,000 health and wellness businesses with about 35 million consumers in over 130 countries and territories. Since October 2021, the company has owned ClassPass. It is majority owned by Vista Equity Partners, a private equity firm.

Contents

The Mindbody mobile app is integrated with Fitbit [1] and Under Armour’s MyFitnessPal. [2]

History

Mindbody was originally known as HardBody SoftWare. It began as a Sole Proprietorship in 1998 by Blake Beltram, and evolved into an LLC with Co-founder Rick Stollmeyer on February 13, 2001. Beltram exited and was effectively replaced as a major partner by Bob Murphy in 2003, who was then given the title Co-founder. The company later incorporated as MINDBODY, Inc. [3] In 2005, Mindbody Online was launched.

Financing

The company received its first financing round of US$1 million in November 2005 from Tech Coast Angels and Pasadena Angels. [4]

In April 2009, it received $5.6 million in financing from Catalyst Investors. [5]

In August 2010, it raised $11 million from Bessemer Venture Partners and Catalyst Investors. [6] [5]

It received another round of funding in November 2012 of US$35 million from Bessemer Venture Partners, Institutional Venture Partners, and Catalyst Investors. [7]

In February 2014, Mindbody received its final round of private funding in the amount of US$50 million from Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners. [8]

In June 2015, the company became a public company via an initial public offering, raising $100 million. [9]

In February 2019, the company was acquired by Vista Equity Partners for US$1.9 billion. [10] [11] Vista Equity Partners promised that Mindbody would not leave the central coast of California to the media and staff. After two rounds of layoffs in March 2020 and November 2022, the majority of the company is no longer located in the region of San Luis Obispo, CA.

Mindbody has had three CEOs since Vista’s acquisition; Rick Stollmeyer, Josh McCarter, and Fritz Lanman. Rick Stollmeyer was the co-founding/original CEO of Mindbody. Josh McCarter was the co-Founder and former CEO of Booker which was acquired by Mindbody and took over as CEO of Mindbody when Rick Stollmeyer stepped down from leadership. On October 13, 2021, Mindbody + Vista acquired a former competitor, ClassPass, whose CEO, Fritz Lanman, came onboard as President of Mindbody. [12] Less than a year later, Josh McCarter resigned and Fritz Lanman became the new CEO on September 3, 2022. [13] On November 1, 2022, just two months after becoming CEO, Fritz Lanman laid off 800-1000 Mindbody as well as ClassPass staff. [14]

Acquisitions

In February 2010, Mindbody acquired ClientMagic, a company that provided scheduling and business management software to salons and spas. [15]

In June 2013, Mindbody acquired Jill's List, a platform for Integrative Healthcare practitioners. [16]

In February 2015, Mindbody acquired Fitness Mobile Apps. At the time of the acquisition the company was creating customizable applications for iOS and Android platforms. [17]

In September 2016, Mindbody acquired HealCode, a technology company that designed web tools for the fitness and wellness industry. [18]

In March 2017, the company acquired Lymber Wellness. [19] [20]

In February 2018, the company acquired FitMetrix. [21] [22] In October 2018, the company exposed millions of user records due to its servers not having passwords. [23]

In March 2018, the company acquired Booker Software for $150 million. [24] [25]

In May 2019, the company acquired Bowtie.ai. [26]

In May 2019, the company acquired Simplicity First. [27]

In May 2020, the company acquired ZeeZor, an analytics and staff engagement platform for salon and spa businesses. [28]

In October 2021, the company acquired ClassPass. [29] [30] [31]

Awards and recognition

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References

  1. ↑ Simmons, Meredith (October 9, 2015). "MINDBODY and Fitbit® Integrate to Offer Activity Tracking for the Classes You Take". Mindbody. Retrieved December 27, 2021.
  2. ↑ McNew, Bradley Seth (November 1, 2016). "Under Armour's New Fitness App Feature and the Importance of Digital". The Motley Fool .
  3. ↑ Lynem, Julie (May 11, 2015). "The culture of MindBody" . The Tribune .
  4. ↑ Cremades, Alejandro. "How This Entrepreneur Just Sold For $1.9 Billion The Company That He Created Out Of His Own Garage". Forbes. Retrieved December 30, 2023.
  5. 1 2 "MINDBODY Receives $14 Million Boost from Two Venture Capital Firms" (Press release). PR Newswire. August 20, 2010.
  6. ↑ Geron, Tomio (August 20, 2010). "Mind, Body & Scheduling: An Online Tool For Yoga Studios" . The Wall Street Journal .
  7. ↑ Farr, Christina (November 1, 2012). "MindBody, a Salesforce for health and beauty, abs $35M". VentureBeat .
  8. ↑ "Mindbody raises $50 million from investors to fund growth" . The Tribune .
  9. ↑ "Mindbody (MB) Goes Public, Stock Closes Below IPO Price - Stocks in the News". Nasdaq . June 19, 2015.
  10. ↑ "Vista Equity Partners Completes Acquisition of MINDBODY, Inc" (Press release). GlobeNewswire. February 15, 2019.
  11. ↑ "Mindbody in SLO CA finalizes sale to Vista Equity Partners" . The Tribune . February 15, 2019.
  12. ↑ Charles Laughlin (October 14, 2021). "Mindbody Raises $500M, Acquires ClassPass". Localogy. Retrieved January 23, 2023.
  13. ↑ Charles Laughlin. "Changing of the Guard at Mindbody". Localogy. Retrieved January 22, 2023.
  14. ↑ Mercado, Jorge (November 3, 2022). "More layoffs at Mindbody as tech firms downsize". Pacific Coast Business Times. Retrieved June 10, 2024.
  15. ↑ "MINDBODY Acquires ClientMagic Software" (Press release). February 9, 2010. Retrieved December 27, 2021.
  16. ↑ "Mindbody Acquires Jill's List, Launching Nationwide Wellness Network" (Press release). Mindbody Inc. May 15, 2013. Retrieved December 27, 2021.
  17. ↑ "MINDBODY Expands Consumer Platform with Acquisition" (Press release). Mindbody Inc. February 17, 2014.
  18. ↑ Calnan, Christopher (September 7, 2016). "MindBody buys Austin startup HealCode for undisclosed amount". American City Business Journals .
  19. ↑ Meiling, Brittany (March 28, 2017). "MindBody Acquires Fitness App Startup Lymber Wellness". San Diego Business Journal .
  20. ↑ "MINDBODY Acquires Lymber" (Press release). PR Newswire. March 28, 2017.
  21. ↑ "MINDBODY Acquires FitMetrix" (Press release). PR Newswire. February 20, 2018.
  22. ↑ Saunders, Jessica (February 21, 2018). "California wellness software maker acquires Atlanta firm". American City Business Journals .
  23. ↑ Whittaker, Zack (October 11, 2018). "MindBody-owned FitMetrix exposed millions of user records". TechCrunch .
  24. ↑ Noto, Anthony (March 13, 2018). "Mindbody acquires scheduling platform Booker for $150 million". American City Business Journals .
  25. ↑ "Mindbody Acquires Booker Software for $150 Million" . The Wall Street Journal . March 13, 2018.
  26. ↑ "MINDBODY Acquires Bowtie.ai" (Press release). PR Newswire. May 7, 2019.
  27. ↑ "MINDBODY Acquires Software Consulting Firm Simplicity First" (Press release). PR Newswire. August 21, 2019.
  28. ↑ "Mindbody Acquires ZeeZor" (Press release). PR Newswire. March 4, 2020.
  29. ↑ Thomas, Lauren (October 14, 2021). "Mindbody acquires workout subscription platform ClassPass as fitness industry rebounds". CNBC .
  30. ↑ Crook, Jordan (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch .
  31. ↑ "Mindbody Completes Acquisition of ClassPass" (Press release). PR Newswire. October 15, 2021.
  32. ↑ "MINDBODY App". Webby Award.
  33. ↑ "2015 Winners". Software and Information Industry Association.
  34. ↑ "2015 Winners". Silicon Valley Business App Awards.
  35. ↑ "Glassdoor - Best Places to Work". Glassdoor .
  36. ↑ Ames, Danielle. "Mindbody again named among 50 Best Places to Work" . The Tribune .
  37. ↑ Sahadi, Jeanne (December 9, 2015). "Glassdoor best places to work: 50 companies that employees love". CNN .
  38. ↑ "Company Profile: MindBody". Inc. March 30, 2016.
  39. ↑ "Mindbody Named to Fast Company's List of Most Innovative Companies for 2020" (Press release). PR Newswire. March 11, 2020.
  40. ↑ "MindBody". Fast Company.
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