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, United Kingdom, Australia and India. The workforce is distributed worldwide, with an ongoing remote work policy established in 2023.
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]
On October 13, 2021, Mindbody + Vista acquired a former competitor, ClassPass, whose CEO, Fritz Lanman, came onboard as President of Mindbody.[15] Less than a year later, Josh McCarter resigned and Fritz Lanman became the new CEO on September 3, 2022.[16][17] Lanman has stated that his goal is to prepare Mindbody + ClassPass for IPO through a series of improvements and upgrades to both platforms.[18] "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.[18]
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 May 2020, the company acquired ZeeZor, an analytics and staff platform for salon and spa businesses.[31]
References
- FORM 10-K^
- Zoe Henry. After an IPO Flop, Mindbody CEO Reflects on the Benefits (and Dangers) of Going Public Inc., 26 August 2016, retrieved 2 October 2024^
- Mary Hanbury. Mindbody, the $1.9 billion company that books hair and yoga appointments, is going private Business Insider, retrieved 2024-10-02^
- Jordan Crook. Mindbody acquires ClassPass in all-stock deal and secures $500 million investment TechCrunch, 2021-10-13, retrieved 2024-11-15^
- Meg Bryant. Fitbit updates smartwatches with new OS, more apps, developer tools Healthcare Dive, 18 December 2018, retrieved 2024-11-19^
- Bradley Seth McNew. Under Armour's New Fitness App Feature and the Importance of Digital The Motley Fool, November 1, 2016^
- Julie Lynem. The culture of MindBody The Tribune, May 11, 2015^
- Alejandro Cremades. How This Entrepreneur Just Sold For $1.9 Billion The Company That He Created Out Of His Own Garage Forbes, retrieved 2023-12-30^
- Tomio Geron. Mind, Body & Scheduling: An Online Tool For Yoga Studios The Wall Street Journal, August 20, 2010^
- MINDBODY Receives $14 Million Boost from Two Venture Capital Firms PR Newswire, August 20, 2010^
- Christina Farr. MindBody, a Salesforce for health and beauty, abs $35M VentureBeat, November 1, 2012^
- Mindbody raises $50 million from investors to fund growth The Tribune^
- Mindbody (MB) Goes Public, Stock Closes Below IPO Price - Stocks in the News Nasdaq, June 19, 2015^
- Mindbody in SLO CA finalizes sale to Vista Equity Partners The Tribune, February 15, 2019^
- Charles Laughlin. Mindbody Raises $500M, Acquires ClassPass Localogy, October 14, 2021, retrieved January 23, 2023^
- Charles Laughlin. Changing of the Guard at Mindbody Localogy, retrieved January 22, 2023^
- Jorge Mercado. More layoffs at Mindbody as tech firms downsize Pacific Coast Business Times, 2022-11-03, retrieved 2024-06-10^
- Ananya Mariam Rajesh. Mindbody ClassPass to go public in 12-18 months, CEO says Reuters, August 14, 2024^
- Sarah Todd. MINDBODY acquires ClientMagic Software spaopportunities.com, 16 March 2010, retrieved 2024-10-22^
- Mindbody Acquires Jill's List, Launching Nationwide Wellness Network Mindbody Inc., May 15, 2013, retrieved 2021-12-27^
- MINDBODY Expands Consumer Platform with Acquisition Mindbody Inc., February 17, 2014^
- Brian Withers. How Mindbody's 3-Year Shopping Spree Will Shape the Company's Future The Motley Fool, 2018-05-13, retrieved 2024-10-22^
- Christopher Calnan. MindBody buys Austin startup HealCode for undisclosed amount American City Business Journals, September 7, 2016^
- Monica Vaughan. MindBody dreams big: SLO firm buys San Diego company, partners with Google The Tribune, 30 March 2017, retrieved 19 November 2024^
- Jessica Saunders. California wellness software maker acquires Atlanta firm American City Business Journals, February 21, 2018^
- Zack Whittaker. MindBody-owned FitMetrix exposed millions of user records TechCrunch, October 11, 2018^
- Anthony Noto. Mindbody acquires scheduling platform Booker for $150 million American City Business Journals, March 13, 2018^
- Mindbody Acquires Booker Software for $150 Million The Wall Street Journal, March 13, 2018^
- Haley Bissegger. Cornell Tech - Bowtie Acquired by MINDBODY Cornell Tech, 2019-05-07, retrieved 2024-10-22^
- Kaytlyn Leslie. Mindbody is opening its first Asia office after buying an Indian software company The Tribune, 17 September 2019, retrieved 19 November 2024^
- FinSMEs. Mindbody Buys ZeeZor FinSMEs, 2020-03-06, retrieved 2024-11-25^
- Lauren Thomas. Mindbody acquires workout subscription platform ClassPass as fitness industry rebounds CNBC, October 14, 2021^
- Jordan Crook. Mindbody acquires ClassPass in all-stock deal and secures $500 million investment TechCrunch, October 13, 2021^