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Mindbody Inc.
Mindbody Inc.
from Wikipedia

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.

Key Information

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

[edit]

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

[edit]

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]

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

[edit]

In 2010, Mindbody acquired ClientMagic.[19]

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

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]

In October 2021, the company acquired ClassPass.[32][33]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
Mindbody, Inc. is an American software-as-a-service (SaaS) company headquartered in , that develops and provides cloud-based business management and marketing solutions tailored to the fitness, wellness, and beauty industries. Founded in 2001 by Rick Stollmeyer and Blake Beltram, the company offers an integrated platform enabling businesses to handle online scheduling, client management, payments, reporting, and consumer discovery through a vast marketplace connecting thousands of service providers with millions of users worldwide. As of 2024, Mindbody employs approximately 1,500 people and serves tens of thousands of customers, powering operations for major brands such as and Drybar. The company's core product is an all-in-one that streamlines day-to-day operations for wellness businesses, including AI-powered tools for , branded mobile apps, and access to a global consumer network for booking and . Mindbody's platform emphasizes growth, with indicating an average increase of 36% in within six months of , driven by features like automated payments and targeted promotions. Beyond management tools, it operates as a wellness experience , facilitating discovery and reservations for services in fitness classes, treatments, and integrative offerings. Mindbody went public on the in 2015 under the MB but was taken private in 2019 through a $1.9 billion acquisition by , which aimed to accelerate its expansion in the software sector. Prior to this, the company expanded through strategic acquisitions, including Booker Software in 2018 for $150 million to enhance its beauty and spa management capabilities, and in 2021 to bolster its subscription-based fitness booking ecosystem. In June 2025, Mindbody unified with its subsidiaries under the parent brand . Under Vista's ownership, Mindbody has continued to innovate, focusing on data-driven insights and integrations that support the post-pandemic recovery and of the approximately $7 trillion global wellness economy (as of 2025).

Overview

Founding and headquarters

Mindbody Inc. originated as HardBody SoftWare in 1998, established by Blake Beltram to address operational challenges in the burgeoning wellness industry. Initially operating as a small software venture, it targeted small businesses like yoga studios and fitness centers with tools for scheduling, payments, and client management. In 2001, the company restructured as Mindbody LLC under the leadership of co-founders Rick Stollmeyer and Blake Beltram, who shifted its emphasis toward scalable software solutions for wellness professionals. Blake Beltram exited shortly after the restructuring, with Stollmeyer becoming the sole owner. This transition marked the formalization of its mission to streamline business operations in the health and wellness sector through innovative technology. From its , Mindbody's software focused on empowering wellness providers with efficient systems, enabling better client and administrative without the need for extensive technical expertise. The company's early products emphasized desktop-based applications that evolved into cloud-based offerings, laying the groundwork for its expansion in the fitness and industries. Mindbody maintains its global at 689 Tank Farm Road, Suite 230, in , which serves as the primary hub for executive leadership, product development, and operational activities. Located in this coastal city, the headquarters fosters a collaborative environment that reflects the company's roots in the wellness community, supporting innovation and strategic decision-making for its international operations.

Ownership and leadership

Mindbody Inc. is majority owned by Vista Equity Partners, which acquired the company in 2019 for approximately $1.9 billion, taking it private. This ownership structure has remained in place as of 2025, with Vista continuing to support Mindbody's operations within its portfolio of enterprise software companies. Fritz Lanman has served as CEO of Mindbody since September 3, 2022, succeeding Josh McCarter, who transitioned to the board of directors. Lanman previously held the role of President at Mindbody following the 2021 integration of ClassPass, which he led prior to the acquisition. In June 2025, Mindbody was rebranded under the new parent company Playlist Technologies, encompassing Mindbody, ClassPass, and Booker, with Lanman appointed as CEO of the unified entity. Key leadership changes in 2023 included the appointment of Sara Cherlin Diniz as and Brian Fields as , aimed at supporting the company's expansion in wellness technology. That year, Mindbody also adopted a flexible worldwide policy, enabling a distributed across its operations. As of 2025, Mindbody employs approximately 1,570 people globally, a significant increase from the 1,337 reported in 2016. The company maintains offices in the United States (headquartered in ), the (), , and (), while emphasizing to support its international team.

Products and services

Business management software

Mindbody Inc. provides a cloud-based software-as-a-service (SaaS) platform designed to streamline operations for wellness businesses, offering integrated tools for scheduling, payment processing, , reporting, and client . This platform enables businesses to automate administrative tasks, enhance , and drive revenue growth through features like online booking systems, automated email and text reminders, and secure payment gateways that support contactless transactions. Targeted primarily at fitness studios, spas, salons, and gyms, the software caters to small to enterprise-level operations with scalable packages such as Starter, Accelerate, , and Ultimate Plus, each building on core functionalities to suit varying business needs. Key tools within the platform include class check-in via kiosks or mobile apps for seamless attendance tracking, staff scheduling to optimize workforce allocation, and through targeted marketing campaigns that integrate with for promotions and client acquisition. For spas and salons, additional capabilities cover inventory management for products and equipment, while gyms benefit from waitlist management and membership tracking to maximize . Reporting features provide customizable dashboards for analyzing performance metrics, such as revenue trends and client retention rates, helping owners make data-informed decisions without requiring extensive technical expertise. The platform supports integrations with third-party devices and applications to enhance user experience, including connectivity with for activity tracking that syncs workout data directly into client profiles for personalized insights. Similarly, it connects with apps like to facilitate class bookings from within the app, allowing businesses to offer holistic wellness solutions. Consumers can access these integrated services through platforms like for discovering and booking classes. In 2025, Mindbody introduced updates to its platform, including a refreshed appointments overview page that consolidates management of services, scheduling, staff assignments, and pricing in a single, intuitive interface with improved navigation speeds. Additionally, AI-driven insights from the company's State of the Industry Report provide businesses with on trends like holistic wellness and programs, drawn from surveys of over 1,400 global decision-makers to inform strategic planning. These enhancements aim to boost and adapt to emerging industry demands, such as AI-powered .

Consumer-facing platforms

Mindbody offers a consumer-facing mobile application that enables users to discover, book, and pay for fitness, , and wellness services from a global network of over 65,000 providers. The app provides a seamless interface for searching classes, appointments, and memberships, allowing users to manage personal profiles, view availability in real-time, and complete transactions securely. It connects consumers to diverse offerings, such as sessions, treatments, and personal training, fostering easy access to local and virtual wellness experiences. Following the 2021 integration of , Mindbody's platforms expanded to include subscription-based access to multiple studios and services, where users can redeem credits for classes across participating venues without individual bookings per provider. This feature enhances flexibility for consumers seeking varied wellness routines, with subscribers able to explore and attend sessions from fitness centers, salons, and spas through the unified app ecosystem. The platforms incorporate loyalty programs that reward repeat engagement, such as fee-based memberships and redeemable points for services, encouraging sustained consumer participation in and wellness activities. Additionally, users can track personal wellness trends via booking histories and goal-oriented features, aligning with broader industry insights on holistic health monitoring. According to 2025 benchmarks based on data from July 2023 to June 2024, average annual per reached $381,755 for salons, $362,441 for integrative businesses, and $342,878 for spas, reflecting strong and platform-driven growth. Top-performing businesses saw revenues up to 152% above averages, underscoring the impact of subscription models and discovery tools on sector profitability.

History

Early development and product launch

Mindbody Inc. was founded in 2001 by Rick Stollmeyer and Blake Beltram in a garage in , initially developing software to address operational inefficiencies in the wellness industry, such as scheduling and client management for studios and fitness centers. At the time, the market relied heavily on desktop-based, on-premises solutions, which limited accessibility and scalability for small wellness businesses. In 2005, the company pivoted to cloud-based technology, launching Mindbody Online as its first major product—a fully web-based (SaaS) platform that enabled online booking, payments, and business management from any device. This shift addressed early challenges in the fragmented wellness software market, where providers struggled with outdated tools that hindered remote access and integration, positioning Mindbody as a pioneer in delivering scalable, subscription-based solutions tailored to fitness, salons, and spas. The launch fueled rapid growth, with Mindbody earning recognition on Inc. magazine's 500|5000 list of fastest-growing private companies for seven consecutive years from to , ranking as high as 59th in the software category in 2010. By 2012, the company had surpassed 20,000 clients, reflecting strong adoption amid the pivot to solutions that improved for wellness providers. A significant early operational challenge emerged in when Mindbody's subsidiary FitMetrix exposed millions of user records due to three unsecured, passwordless servers on , including sensitive data like names, emails, and fitness metrics, which were publicly accessible for an unknown period before being secured. The incident highlighted vulnerabilities in early infrastructure management and prompted immediate remediation, though no evidence of data misuse was reported.

Public listing and expansion

In June 2015, Mindbody Inc. completed its (IPO) on the Global Market under the "MB," raising approximately $100 million by selling 7.2 million shares of Class A at $14 per share. The IPO provided capital to support ongoing operations, product development, and market expansion, following years of venture funding that positioned the company for public market entry. Trading began on June 19, 2015, with shares closing the first day at $11.56, a decline from the IPO price that valued the company at approximately $600 million based on the offering price. Following the IPO, Mindbody experienced significant revenue growth, with total revenue reaching $101.4 million in , a 45% increase from the prior year, and climbing to $182.6 million by 2017. This expansion was driven by an increasing subscriber base, which grew to over 58,000 local businesses by the end of 2017, and efforts to deepen penetration in existing markets while pursuing international opportunities. The company, which already derived 16% of its 2014 revenue from international subscribers across subsidiaries in the and established since 2001, invested IPO proceeds in enhancing its global sales force and support operations in these regions. By 2016, integrations such as with provider Xero extended Mindbody's platform availability to UK wellness businesses, facilitating broader adoption in . During 2015–2018, Mindbody focused on product enhancements to improve user engagement and , particularly through mobile innovations and strategic partnerships. In 2015, the company partnered with FitMetrix to integrate performance tracking tools into its platform, enabling studios to monitor client metrics and enhance class experiences. This was followed by the launch of an updated consumer-facing in May 2018, designed to simplify discovery, booking, and payment for wellness services, addressing barriers like scheduling flexibility and personalized recommendations. These developments, supported by an ecosystem of over 600 developer partners via Mindbody's , contributed to subscriber retention and growth, with the platform serving wellness businesses in 124 countries by the end of the public period.

Privatization and recent milestones

In February 2019, completed its acquisition of Mindbody, taking the company private and resulting in the delisting of its from the Stock Market. The transaction, valued at $1.9 billion, faced subsequent legal challenges; in 2023, a court ruled that founder Rick Stollmeyer breached his fiduciary duties by favoring Vista in back-channel negotiations, shortchanging shareholders by approximately $48 million. Appeals partially affirmed the ruling in 2024 and 2025. In October 2021, Mindbody secured a $500 million strategic investment led by Sixth Street to support growth and innovation, coinciding with its acquisition of , which integrated consumer booking capabilities into its platform. On August 2, 2022, Mindbody announced Fritz Lanman as its new CEO, effective September 3, 2022, succeeding Josh McCarter, who transitioned to the ; Lanman, previously president of , brought expertise in consumer fitness experiences to lead the company's evolution. In 2023, Mindbody established a remote-first work policy, enabling a distributed with hub offices for collaboration and up to 90 days of international remote work annually. In June 2025, Mindbody, along with and Booker, introduced "" as their unified parent brand to streamline operations and power wellness experiences ahead of potential public listing. In August 2024, CEO Fritz Lanman announced plans for a potential within 12 to 18 months, with retained as the lead banker, though the company remained privately held as of November 2025. In September 2025, Mindbody released its annual State of the Industry Report, highlighting the growing adoption of AI for and personalization, rising demand for holistic wellness offerings like integration, and widespread optimism among fitness and wellness businesses regarding revenue growth and technological investments.

Financing

Venture capital rounds

Mindbody Inc. raised pre-IPO funding through multiple rounds starting in its early years, culminating in significant investments to fuel product development and market expansion. These financings involved prominent groups and venture firms, enabling the company to scale its cloud-based business management software for the wellness industry. Overall, the company secured approximately $113 million across 10 rounds from 2005 to 2014. The initial funding came in November 2005, when Mindbody raised $1 million in a seed round from Tech Coast Angels and Pasadena Angels to support initial development of its online platform. In March 2009, the company raised $5.6 million in an early-stage round from Catalyst Investors to support growth. In 2010, the company completed a Series B round of $11 million led by , with participation from Catalyst Investors, aimed at enhancing its growth equity position. In September 2011, Mindbody raised an additional $9 million from and Catalyst Investors to further expansion efforts. A larger Series C round followed in November 2012, raising $35 million led by Institutional Venture Partners, alongside returning investors and Catalyst Investors, to accelerate product enhancements and customer acquisition. The final major pre-IPO round occurred in February 2014, with $50 million in Series D funding led by W Capital Partners and including , Catalyst Investors, and Montreux Equity Partners, specifically allocated for global expansion and mobile product development.
Round DateAmountLead InvestorsOther Key InvestorsPurpose
November 2005$1 million-Tech Coast Angels, Pasadena AngelsInitial development
March 2009$5.6 millionCatalyst Investors-Growth support
August 2010$11 millionCatalyst InvestorsGrowth equity and scaling
September 2011$9 million-, Catalyst InvestorsExpansion efforts
November 2012$35 millionInstitutional Venture Partners, Catalyst InvestorsProduct enhancements and customer acquisition
February 2014$50 millionW Capital Partners, Catalyst Investors, Montreux Equity PartnersGlobal expansion and mobile products

IPO and post-IPO investments

Mindbody, Inc. went public on June 19, 2015, through an (IPO) on the Global Market under the MB. The company priced its IPO at $14 per share, offering 7.14 million shares of Class A and raising approximately $100 million in gross proceeds before discounts. This offering marked Mindbody's transition from a private entity to a publicly traded company, providing capital to support its expansion in the wellness software sector. In December 2018, Mindbody announced its privatization through an acquisition by , completed in February 2019 for a total enterprise value of approximately $1.9 billion. Under the terms, Vista acquired all outstanding shares of Mindbody's Class A and Class B for $36.50 per share in , representing a 68% premium over the stock's closing price prior to the announcement. This transaction delisted Mindbody from and shifted control to Vista, a focused on software investments, enabling more flexible strategic growth without public market pressures. On October 13, 2021, amid its acquisition of , Mindbody secured a $500 million strategic in the form of convertible debt, led by Sixth Street with participation from TDM Growth Partners and other investors. This funding was designed to fuel , international expansion, and integration efforts following the deal, valuing the combined entity at around $2.6 billion. As of November 2025, Mindbody has not conducted any additional public capital raises since the 2021 investment and remains privately held under Vista's ownership. In August 2024, the company announced plans for a potential relisting via IPO within 12 to 18 months, targeting a debut as early as mid-2025, with engaged as the lead banker to explore public market opportunities. This prospective return to public markets reflects ongoing revenue growth, projected to reach approximately $500 million in 2024.

Acquisitions

Pre-2019 acquisitions

Mindbody Inc. began its acquisition strategy in 2010 with the purchase of ClientMagic Software, a Folsom, California-based provider of scheduling and tailored for , nail, and salons. This acquisition integrated ClientMagic's client management capabilities into Mindbody's platform, enhancing its offerings for small wellness businesses by streamlining appointment booking and . In June 2013, Mindbody acquired Jill's List, an software platform that connected consumers with integrative healthcare practitioners through a wellness network. The deal bolstered Mindbody's by incorporating Jill's List's directory and matching features, which facilitated direct consumer-provider interactions and expanded access to wellness services beyond traditional fitness studios. The 2015 acquisition of Fitness Mobile Apps marked Mindbody's push into , acquiring a developer of custom-branded native apps for fitness studios, salons, and spas. This move enhanced Mindbody's consumer-facing tools by enabling seamless mobile booking and engagement, allowing businesses to extend their digital presence and improve client retention through personalized app experiences. By September 2016, Mindbody had acquired HealCode, an Austin-based technology firm specializing in website design and integration for wellness providers. HealCode's tools added advanced and features to Mindbody's suite, including SEO-optimized websites and automated booking widgets, which improved online visibility and conversion rates for integrated businesses. In March 2017, Mindbody purchased Lymber Wellness, a startup offering technology built on Mindbody's . This acquisition introduced capabilities, such as real-time pricing adjustments for classes and appointments based on demand, empowering wellness operators to optimize revenue and fill capacity more effectively. Mindbody's 2018 acquisitions further diversified its platform. In February, it acquired FitMetrix, an Atlanta-based performance tracking company, for $15.5 million in cash. FitMetrix's integration tools enabled gyms and boutique studios to track member workouts and progress via wearables and apps, enhancing data-driven and member within Mindbody's . Later that year, in , Mindbody announced the $150 million acquisition of Booker Software, a New York-based scheduling platform serving over 10,000 salons and spas. This deal significantly broadened Mindbody's market reach into beauty and personal care sectors, combining Booker's payment processing and client management with Mindbody's wellness tools to create a unified solution for diversified service providers.

2019–2021 expansions

In 2019, following its acquisition by in February, Mindbody expanded its technological capabilities through targeted purchases aimed at enhancing and in the wellness sector. The company acquired Bowtie.ai on May 7, an AI-driven virtual assistant platform designed to automate customer interactions and provide personalized recommendations for fitness and wellness services. This move bolstered Mindbody's ability to deliver tailored user experiences, integrating AI to streamline booking and engagement processes for both businesses and consumers. Later that year, on August 21, Mindbody acquired Simplicity First, a software consulting firm specializing in development, , and for wellness software solutions. The acquisition supported internal operational streamlining by incorporating expertise in custom software enhancements, enabling faster iteration on Mindbody's core platform under guidance. The expansion continued into 2020 amid the shift toward remote services during the . On March 4, Mindbody acquired ZeeZor, a real-time and staff engagement platform tailored for salon and operations. This addition introduced performance tracking tools to monitor employee productivity and client interactions, providing wellness businesses with data-driven insights to optimize staffing and service delivery in hybrid environments. A pivotal development occurred in 2021 with the acquisition of on October 15 in an all-stock transaction with undisclosed terms, merging Mindbody's B2B management software with ClassPass's consumer subscription model for fitness class bookings. The deal created a unified spanning business operations and access, expanding Mindbody's reach to over 30,000 wellness providers and millions of users globally. This transaction, supported by a concurrent $500 million investment led by , underscored the strategic pivot toward integrated B2B and B2C offerings post-privatization. By the end of , these moves contributed to Mindbody's total of eleven acquisitions since , with two each in 2018 and 2019 marking accelerated growth under Vista's ownership, including four deals facilitated by the to consolidate market leadership in wellness technology.

References

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