Mindbody Inc.

Mindbody 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.[2] Founded in 2001, the company services over 58,000 health and wellness businesses with about 35 million consumers located in over 130 countries and territories.[3] The company's clients include Bikram Yoga and New York Health & Racquet Club.[4] ClassPass is one of Mindbody's technology partners using Mindbody's API to manage inventory on the ClassPass app.[5][6]

Mindbody Inc.
MINDBODY
Private
IndustrySoftware as a service
Founded2001 (2001)
Founder
  • Blake Beltram
  • Rick Stollmeyer
Headquarters4051 Broad Street,
San Luis Obispo, California
,
US
Area served
Worldwide
Key people
Rick Stollmeyer (CEO)
Mike Mansbach (President)
Brett White (COO, CFO)
Mark Baker (CRO)
Josh Todd (CMO)
Products
  • Mindbody for Business
  • Mindbody for Corporate Wellness
Revenue
  • US$139 million (2016)
  • US$101 million (2015)
  • US$21.3 million (2016)
  • US$34.7 million (2015)
Total assets
  • US$143,946 (2016)
  • US$141,414 (2015)
Total equity
  • US$102 million (2016)
  • US$106 million (2015)
OwnerVista Equity Partners
Number of employees
1,350 (December 2016)
Websitemindbodyonline.com
Footnotes / references
[1]

History

Mindbody was originally known as HardBody Software. The latter was co-founded by Blake Beltram, Rick Stollmeyer, and Robert Murphy in 2000. The company was later incorporated as Mindbody in 2001.[7] In 2005, Mindbody Online was launched and it later received its first private funding round of US$1 million in November 2005 from Tech Coast Angels and Pasadena Angels.[8] The company's first round of institutional investment came up in April 2009 to the sum of US$5.6 million from Catalyst Investors.[9] The company received more investment in August 2010 to the sum of US$14 million from Bessemer Venture Partners and Catalyst Investors with an initial portion of US$11 million while the remaining US$3 million was to be exercised at any time within 36 months.[9] It received another round of funding in November 2012 of US$35 million from Bessemer Venture Partners, Institutional Venture Partners, and Catalyst Investors.[10] 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.[11]

In February 2015, Mindbody acquired the company, Fitness Mobile Apps, for an undisclosed amount. At the time of the acquisition the company was creating customizable applications for iOS and Android platforms.[12]

Mindbody went public in June 2015 raising US$100 million in capital.[13] In October 2015, Mindbody integrated its Mindbody Connect app with Fitbit, making it possible for app users to connect their Fitbit activity trackers to view personal activity data achieved during workouts scheduled at Mindbody businesses.[14][15]

In September 2016, Mindbody acquired HealCode, a technology company that designed web tools for the fitness and wellness industry.[16] In October 2016, Mindbody integrated with Under Armour’s MyFitnessPal app to make it possible for app users to find and book fitness classes throughout the United States directly through MyFitnessPal.[17]

On December 24, 2018, Mindbody announced that it is going to be acquired by Vista Equity Partners for US$1.9 billion.[18][19] On February 18, 2019 Vista Equity Partners completed its acquisition of the company.[20]

Awards and recognition
  • 2016 Webby Award and Webby People's Voice Award in the Mobile App: Fitness and Recreation category.[21]
  • Mindbody Connect—Codie Award for Best Consumer Application 2015.[22]
  • Mindbody Express—Silicon Valley Business Awards, App: Best Finance & Management App 2015.[23]
  • Named among the top 50 best places to work by Glassdoor in 2016, 2015 and 2014.[24][25][26]
  • Named among Inc. magazine’s fastest growing companies in the US from 2008–2015, and making the Inc. 500 list in 2009.[27]
  • Ranked #8 on the list of Top 10 Most Innovative Companies in Beauty by Fast Company.[28]

References
  1. "MB Income Statement". SEC. Retrieved 6 February 2018.
  2. "Tech Approach to Wellness | The East Hampton Star". easthamptonstar.com. Retrieved 10 September 2016.
  3. "Exhibit". www.sec.gov. Retrieved 1 November 2016.
  4. Roof, Katie (19 June 2015). "Mindbody IPO is the 'Uber of Wellness' | Fox Business". FOXBusiness. Retrieved 10 September 2016.
  5. "ClassPass - Work out at the best studios in your city". ClassPass. Retrieved 18 October 2016.
  6. "My Fitness Pal now lets you book workout classes directly from the app". Business Insider. Retrieved 18 October 2016.
  7. "The culture of MindBody". The Tribune. Retrieved 11 September 2016.
  8. "Tech Coast Angels Funds 100th Company, Significant Increase in Investments in 2005; TCA Members Invest $10.7M, Venture Capital and Outside Investors Put $84.3M in TCA Portfolio Companies | Business Wire". www.businesswire.com. Retrieved 11 September 2016.
  9. "MindBody Raises $11M". FinSMEs Ltd. 23 August 2010. Retrieved 11 September 2016.
  10. Farr, Christina. "MindBody, a Salesforce for health and beauty, abs $35M". VentureBeat. Retrieved 11 September 2016.
  11. "Mindbody raises $50 million from investors to fund growth". sanluisobispo. Retrieved 2017-01-04.
  12. "MINDBODY Expands Consumer Platform with Acquisition" (PDF). Retrieved 11 September 2016.
  13. "Mindbody (MB) Goes Public, Stock Closes Below IPO Price - Stocks in the News". 19 June 2015. Retrieved 10 September 2016.
  14. Desk, BWW News. "Fitbit Adds Genuine Thermos Brand to its Roster". Retrieved 1 November 2016.
  15. "The App". Mindbody. 25 November 2015. Retrieved 1 November 2016.
  16. "MindBody buys Austin startup HealCode for undisclosed amount - Austin Business Journal". Austin Business Journal. Retrieved 1 November 2016.
  17. McNew, Bradley Seth (1 November 2016). "Under Armour's New Fitness App Feature and the Importance of Digital -". The Motley Fool. Retrieved 1 November 2016.
  18. "MINDBODY Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.9 Billion". GlobeNewswire News Room. 2018-12-24. Retrieved 2019-07-12.
  19. "MINDBODY Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.9 Billion". Mindbody. 2018-12-24. Retrieved 2019-07-12.
  20. "Vista Equity Partners Completes Acquisition of MINDBODY, Inc". Mindbody. 2019-02-15. Retrieved 2019-07-12.
  21. "MINDBODY App | The Webby Awards". Webby Award. Retrieved 11 September 2016.
  22. "Winners - 2015 SIIA CODiE Awards". www.siia.net. Codie award. Retrieved 11 September 2016.
  23. "2015 Winners". Silicon Valley Business App Awards. Retrieved 1 November 2016.
  24. "Glassdoor - Best Places to Work". Glassdoor. Retrieved 8 November 2016.
  25. Ames, Danielle. "Mindbody again named among 50 Best Places to Work". Retrieved 11 September 2016.
  26. Sahadi, Jeanne (9 December 2015). "Glassdoor best places to work: 50 companies that employees love". CNNMoney. CNN. Retrieved 11 September 2016.
  27. "Find out why MindBody made Inc.'s Founders 40 List". Inc.com. Retrieved 1 November 2016.
  28. Mindbody. "Mindbody Named to Fast Company's List of Most Innovative Companies for 2020". www.prnewswire.com. Retrieved 2020-03-11.
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