Mindbody Inc.

Last updated

MINDBODY, Inc.
Mindbody
Company type Private
Nasdaq: MB
Industry Software as a service
Physical fitness
Founded2001;23 years ago (2001)
Founder
  • Blake Beltram
  • Rick Stollmeyer
Headquarters651 Tank Farm Road,
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
Footnotes /references
[1]

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. The company has offices in the United States, including San Luis Obispo, CA, Missoula, MT, New York, NY, Atlanta, GA, Scottsdale, AZ, London & Sheffield, UK, Sydney, Australia, and Pune, India. The workforce is distributed worldwide, with an ongoing remote work policy established in 2023.

Contents

Founded in 2000, [2] it has been majority owned by Vista Equity Partners since 2019. [3]

Since October 2021, the company has owned ClassPass. [4]

The Mindbody mobile app is integrated with Fitbit [5] and Under Armour’s MyFitnessPal. [6]

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 named Co-founder. The company was later incorporated as MINDBODY, Inc. [7] 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. [8]

In August 2010, it raised $11 million from Bessemer Venture Partners and Catalyst Investors. [9] [10]

It received another round of funding in November 2012 of US$35 million from Bessemer Venture Partners, Institutional Venture Partners, and Catalyst Investors. [11]

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. [12]

In June 2015, the company became a public company via an initial public offering, raising $100 million. [13]

In February 2019, the company was acquired by Vista Equity Partners for US$1.9 billion and taken private. [14] [15]

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. [16] Less than a year later, Josh McCarter resigned and Fritz Lanman became the new CEO on September 3, 2022. [17] [18] Lanman has stated that his goal is to prepare Mindbody + ClassPass for IPO through a series of improvements and upgrades to both platforms. [15] "We are a story of two different businesses under one umbrella, both of which are growing, both of which are profitable, setting us up for an eventual IPO," CEO Fritz Lanman said. [15]

Acquisitions

In 2010, Mindbody acquired ClientMagic. [19]

In June 2013, Mindbody acquired Jill's List, a platform for Integrative Healthcare practitioners. [20]

In February 2015, Mindbody acquired Fitness Mobile Apps. [21] [22]

In September 2016, Mindbody acquired HealCode, a technology company that designed web tools for the fitness and wellness industry. [23]

In March 2017, Mindbody acquired Lymber Wellness. [24]

In February 2018, the company acquired FitMetrix. [25] In October 2018, the company exposed millions of user records due to its servers not having passwords. [26]

In March 2018, the company acquired Booker Software for $150 million. [27] [28]

In 2019, the company acquired Bowtie.ai. [29]

In September 2019, Mindbody acquired Simplicity First, a software consulting firm. [30]

In October 2021, the company acquired ClassPass. [31] [32]

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References

  1. ↑ "FORM 10-K".
  2. ↑ Henry, Zoe (August 26, 2016). "After an IPO Flop, Mindbody CEO Reflects on the Benefits (and Dangers) of Going Public". Inc. Retrieved October 2, 2024.
  3. ↑ Hanbury, Mary. "Mindbody, the $1.9 billion company that books hair and yoga appointments, is going private". Business Insider. Retrieved October 2, 2024.
  4. ↑ Crook, Jordan (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch. Retrieved November 15, 2024.
  5. ↑ Bryant, Meg (December 18, 2018). "Fitbit updates smartwatches with new OS, more apps, developer tools". Healthcare Dive. Retrieved November 19, 2024.
  6. ↑ McNew, Bradley Seth (November 1, 2016). "Under Armour's New Fitness App Feature and the Importance of Digital". The Motley Fool .
  7. ↑ Lynem, Julie (May 11, 2015). "The culture of MindBody" . The Tribune .
  8. ↑ 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.
  9. ↑ Geron, Tomio (August 20, 2010). "Mind, Body & Scheduling: An Online Tool For Yoga Studios" . The Wall Street Journal .
  10. ↑ "MINDBODY Receives $14 Million Boost from Two Venture Capital Firms" (Press release). PR Newswire. August 20, 2010.
  11. ↑ Farr, Christina (November 1, 2012). "MindBody, a Salesforce for health and beauty, abs $35M". VentureBeat .
  12. ↑ "Mindbody raises $50 million from investors to fund growth" . The Tribune .
  13. ↑ "Mindbody (MB) Goes Public, Stock Closes Below IPO Price - Stocks in the News". Nasdaq . June 19, 2015.
  14. ↑ "Mindbody in SLO CA finalizes sale to Vista Equity Partners" . The Tribune . February 15, 2019.
  15. 1 2 3 Rajesh, Ananya Mariam (August 14, 2024). "Mindbody ClassPass to go public in 12-18 months, CEO says". Reuters.
  16. ↑ Charles Laughlin (October 14, 2021). "Mindbody Raises $500M, Acquires ClassPass". Localogy. Retrieved January 23, 2023.
  17. ↑ Charles Laughlin. "Changing of the Guard at Mindbody". Localogy. Retrieved January 22, 2023.
  18. ↑ Mercado, Jorge (November 3, 2022). "More layoffs at Mindbody as tech firms downsize". Pacific Coast Business Times. Retrieved June 10, 2024.
  19. ↑ Todd, Sarah (March 16, 2010). "MINDBODY acquires ClientMagic Software | spaopportunities.com news". spaopportunities.com. Retrieved October 22, 2024.
  20. ↑ "Mindbody Acquires Jill's List, Launching Nationwide Wellness Network" (Press release). Mindbody Inc. May 15, 2013. Retrieved December 27, 2021.
  21. ↑ "MINDBODY Expands Consumer Platform with Acquisition" (Press release). Mindbody Inc. February 17, 2014.
  22. ↑ Withers, Brian (May 13, 2018). "How Mindbody's 3-Year Shopping Spree Will Shape the Company's Future". The Motley Fool. Retrieved October 22, 2024.
  23. ↑ Calnan, Christopher (September 7, 2016). "MindBody buys Austin startup HealCode for undisclosed amount". American City Business Journals .
  24. ↑ Vaughan, Monica (March 30, 2017). "MindBody dreams big: SLO firm buys San Diego company, partners with Google". The Tribune. Retrieved November 19, 2024.
  25. ↑ Saunders, Jessica (February 21, 2018). "California wellness software maker acquires Atlanta firm". American City Business Journals .
  26. ↑ Whittaker, Zack (October 11, 2018). "MindBody-owned FitMetrix exposed millions of user records". TechCrunch .
  27. ↑ Noto, Anthony (March 13, 2018). "Mindbody acquires scheduling platform Booker for $150 million". American City Business Journals .
  28. ↑ "Mindbody Acquires Booker Software for $150 Million" . The Wall Street Journal . March 13, 2018.
  29. ↑ Bissegger, Haley (May 7, 2019). "Cornell Tech - Bowtie Acquired by MINDBODY". Cornell Tech. Retrieved October 22, 2024.
  30. ↑ Leslie, Kaytlyn (September 17, 2019). "Mindbody is opening its first Asia office after buying an Indian software company". The Tribune. Retrieved November 19, 2024.
  31. ↑ Thomas, Lauren (October 14, 2021). "Mindbody acquires workout subscription platform ClassPass as fitness industry rebounds". CNBC .
  32. ↑ Crook, Jordan (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch .
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