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Mindbody Inc.
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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]
References
[edit]- ^ "FORM 10-K".
- ^ 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.
- ^ Hanbury, Mary. "Mindbody, the $1.9 billion company that books hair and yoga appointments, is going private". Business Insider. Retrieved October 2, 2024.
- ^ Crook, Jordan (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch. Retrieved November 15, 2024.
- ^ Bryant, Meg (December 18, 2018). "Fitbit updates smartwatches with new OS, more apps, developer tools". Healthcare Dive. Retrieved November 19, 2024.
- ^ McNew, Bradley Seth (November 1, 2016). "Under Armour's New Fitness App Feature and the Importance of Digital". The Motley Fool.
- ^ Lynem, Julie (May 11, 2015). "The culture of MindBody". The Tribune.
- ^ 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.
- ^ Geron, Tomio (August 20, 2010). "Mind, Body & Scheduling: An Online Tool For Yoga Studios". The Wall Street Journal.
- ^ "MINDBODY Receives $14 Million Boost from Two Venture Capital Firms" (Press release). PR Newswire. August 20, 2010.
- ^ Farr, Christina (November 1, 2012). "MindBody, a Salesforce for health and beauty, abs $35M". VentureBeat.
- ^ "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.
- ^ a b c Rajesh, Ananya Mariam (August 14, 2024). "Mindbody ClassPass to go public in 12-18 months, CEO says". Reuters.
- ^ Charles Laughlin (October 14, 2021). "Mindbody Raises $500M, Acquires ClassPass". Localogy. Retrieved January 23, 2023.
- ^ Charles Laughlin. "Changing of the Guard at Mindbody". Localogy. Retrieved January 22, 2023.
- ^ Mercado, Jorge (November 3, 2022). "More layoffs at Mindbody as tech firms downsize". Pacific Coast Business Times. Retrieved June 10, 2024.
- ^ Todd, Sarah (March 16, 2010). "MINDBODY acquires ClientMagic Software | spaopportunities.com news". spaopportunities.com. Retrieved October 22, 2024.
- ^ "Mindbody Acquires Jill's List, Launching Nationwide Wellness Network" (Press release). Mindbody Inc. May 15, 2013. Retrieved December 27, 2021.
- ^ "MINDBODY Expands Consumer Platform with Acquisition" (Press release). Mindbody Inc. February 17, 2014.
- ^ 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.
- ^ Calnan, Christopher (September 7, 2016). "MindBody buys Austin startup HealCode for undisclosed amount". American City Business Journals.
- ^ Vaughan, Monica (March 30, 2017). "MindBody dreams big: SLO firm buys San Diego company, partners with Google". The Tribune. Retrieved November 19, 2024.
- ^ Saunders, Jessica (February 21, 2018). "California wellness software maker acquires Atlanta firm". American City Business Journals.
- ^ Whittaker, Zack (October 11, 2018). "MindBody-owned FitMetrix exposed millions of user records". TechCrunch.
- ^ Noto, Anthony (March 13, 2018). "Mindbody acquires scheduling platform Booker for $150 million". American City Business Journals.
- ^ "Mindbody Acquires Booker Software for $150 Million". The Wall Street Journal. March 13, 2018.
- ^ Bissegger, Haley (May 7, 2019). "Cornell Tech - Bowtie Acquired by MINDBODY". Cornell Tech. Retrieved October 22, 2024.
- ^ Leslie, Kaytlyn (September 17, 2019). "Mindbody is opening its first Asia office after buying an Indian software company". The Tribune. Retrieved November 19, 2024.
- ^ FinSMEs (March 6, 2020). "Mindbody Buys ZeeZor". FinSMEs. Retrieved November 25, 2024.
- ^ Thomas, Lauren (October 14, 2021). "Mindbody acquires workout subscription platform ClassPass as fitness industry rebounds". CNBC.
- ^ Crook, Jordan (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch.
Mindbody Inc.
View on GrokipediaOverview
Founding and headquarters
Mindbody Inc. originated as HardBody SoftWare in 1998, established by Blake Beltram to address operational challenges in the burgeoning wellness industry.[12][13] 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.[14] Blake Beltram exited shortly after the restructuring, with Stollmeyer becoming the sole owner.[14] This transition marked the formalization of its mission to streamline business operations in the health and wellness sector through innovative technology.[15] From its inception, Mindbody's software focused on empowering wellness providers with efficient management systems, enabling better client engagement and administrative efficiency without the need for extensive technical expertise.[16] 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 beauty industries.[14] Mindbody maintains its global headquarters at 689 Tank Farm Road, Suite 230, in San Luis Obispo, California, which serves as the primary hub for executive leadership, product development, and operational activities.[17] 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.[2]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.[18] 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.[19] Fritz Lanman has served as CEO of Mindbody since September 3, 2022, succeeding Josh McCarter, who transitioned to the board of directors.[20] Lanman previously held the role of President at Mindbody following the 2021 integration of ClassPass, which he led prior to the acquisition.[21] 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.[22] Key leadership changes in 2023 included the appointment of Sara Cherlin Diniz as Chief Human Resources Officer and Brian Fields as Chief Revenue Officer, aimed at supporting the company's expansion in wellness technology.[23] That year, Mindbody also adopted a flexible worldwide remote work policy, enabling a distributed workforce across its operations.[24] As of 2025, Mindbody employs approximately 1,570 people globally, a significant increase from the 1,337 reported in 2016.[25] The company maintains offices in the United States (headquartered in San Luis Obispo, California), the United Kingdom (London), Australia, and India (Pune), while emphasizing remote work to support its international team.[26][27]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, marketing, reporting, and client management.[28] This platform enables businesses to automate administrative tasks, enhance customer engagement, and drive revenue growth through features like online booking systems, automated email and text reminders, and secure payment gateways that support contactless transactions.[29] 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, Ultimate, and Ultimate Plus, each building on core functionalities to suit varying business needs.[30] 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 lead generation through targeted marketing campaigns that integrate with social media for promotions and client acquisition.[28] For spas and salons, additional capabilities cover inventory management for products and equipment, while gyms benefit from waitlist management and membership tracking to maximize capacity utilization.[31] 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.[32] The platform supports integrations with third-party devices and applications to enhance user experience, including connectivity with Fitbit for activity tracking that syncs workout data directly into client profiles for personalized insights.[33] Similarly, it connects with apps like MyFitnessPal to facilitate class bookings from within the app, allowing businesses to offer holistic wellness solutions.[34] Consumers can access these integrated services through platforms like ClassPass for discovering and booking classes.[28] 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.[35] Additionally, AI-driven insights from the company's State of the Industry Report provide businesses with predictive analytics on trends like holistic wellness and loyalty programs, drawn from surveys of over 1,400 global decision-makers to inform strategic planning.[36] These enhancements aim to boost operational efficiency and adapt to emerging industry demands, such as AI-powered personalization.[37]Consumer-facing platforms
Mindbody offers a consumer-facing mobile application that enables users to discover, book, and pay for fitness, beauty, and wellness services from a global network of over 65,000 providers.[38] 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.[39] It connects consumers to diverse offerings, such as yoga sessions, spa treatments, and personal training, fostering easy access to local and virtual wellness experiences.[40] Following the 2021 integration of ClassPass, 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.[41] This feature enhances flexibility for consumers seeking varied wellness routines, with ClassPass subscribers able to explore and attend sessions from fitness centers, salons, and spas through the unified app ecosystem.[42] The platforms incorporate loyalty programs that reward repeat engagement, such as fee-based memberships and redeemable points for services, encouraging sustained consumer participation in beauty and wellness activities.[43] Additionally, users can track personal wellness trends via booking histories and goal-oriented features, aligning with broader industry insights on holistic health monitoring.[44] According to 2025 benchmarks based on data from July 2023 to June 2024, average annual revenue per location reached $381,755 for salons, $362,441 for integrative health businesses, and $342,878 for spas, reflecting strong consumer demand and platform-driven growth.[45] Top-performing businesses saw revenues up to 152% above averages, underscoring the impact of subscription models and discovery tools on sector profitability.[45]History
Early development and product launch
Mindbody Inc. was founded in 2001 by Rick Stollmeyer and Blake Beltram in a garage in San Luis Obispo, California, initially developing software to address operational inefficiencies in the wellness industry, such as scheduling and client management for yoga studios and fitness centers.[46][47] At the time, the market relied heavily on desktop-based, on-premises solutions, which limited accessibility and scalability for small wellness businesses.[48] In 2005, the company pivoted to cloud-based technology, launching Mindbody Online as its first major product—a fully web-based Software as a Service (SaaS) platform that enabled online booking, payments, and business management from any device.[49][50] 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.[51][52] 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 2008 to 2014, ranking as high as 59th in the software category in 2010.[53][54] By 2012, the company had surpassed 20,000 clients, reflecting strong adoption amid the pivot to cloud solutions that improved operational efficiency for wellness providers.[55] A significant early operational challenge emerged in 2018 when Mindbody's subsidiary FitMetrix exposed millions of user records due to three unsecured, passwordless servers on Amazon Web Services, including sensitive data like names, emails, and fitness metrics, which were publicly accessible for an unknown period before being secured.[56][57] The incident highlighted vulnerabilities in early cloud infrastructure management and prompted immediate remediation, though no evidence of data misuse was reported.[58]Public listing and expansion
In June 2015, Mindbody Inc. completed its initial public offering (IPO) on the NASDAQ Global Market under the ticker symbol "MB," raising approximately $100 million by selling 7.2 million shares of Class A common stock at $14 per share.[59] 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.[60] 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.[61] Following the IPO, Mindbody experienced significant revenue growth, with total revenue reaching $101.4 million in 2015, a 45% increase from the prior year, and climbing to $182.6 million by 2017.[62] 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.[63] The company, which already derived 16% of its 2014 revenue from international subscribers across subsidiaries in the United Kingdom and Australia established since 2001, invested IPO proceeds in enhancing its global sales force and support operations in these regions.[64] By 2016, integrations such as with accounting software provider Xero extended Mindbody's platform availability to UK wellness businesses, facilitating broader adoption in Europe.[65] During 2015–2018, Mindbody focused on product enhancements to improve user engagement and operational efficiency, 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.[66] This was followed by the launch of an updated consumer-facing mobile app in May 2018, designed to simplify discovery, booking, and payment for wellness services, addressing barriers like scheduling flexibility and personalized recommendations.[67] These developments, supported by an ecosystem of over 600 developer partners via Mindbody's API, contributed to subscriber retention and marketplace growth, with the platform serving wellness businesses in 124 countries by the end of the public period.[64]Privatization and recent milestones
In February 2019, Vista Equity Partners completed its acquisition of Mindbody, taking the company private and resulting in the delisting of its common stock from the Nasdaq Stock Market.[68] The transaction, valued at $1.9 billion, faced subsequent legal challenges; in 2023, a Delaware 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.[69][70] In October 2021, Mindbody secured a $500 million strategic investment led by Sixth Street to support growth and innovation, coinciding with its acquisition of ClassPass, which integrated consumer booking capabilities into its platform.[71] On August 2, 2022, Mindbody announced Fritz Lanman as its new CEO, effective September 3, 2022, succeeding Josh McCarter, who transitioned to the board of directors; Lanman, previously president of ClassPass, brought expertise in consumer fitness experiences to lead the company's evolution.[72] In 2023, Mindbody established a remote-first work policy, enabling a distributed global workforce with hub offices for collaboration and up to 90 days of international remote work annually.[73] In June 2025, Mindbody, along with ClassPass and Booker, introduced "Playlist" as their unified parent brand to streamline operations and power wellness experiences ahead of potential public listing.[74] In August 2024, CEO Fritz Lanman announced plans for a potential initial public offering within 12 to 18 months, with Goldman Sachs retained as the lead banker, though the company remained privately held as of November 2025.[75] In September 2025, Mindbody released its annual State of the Industry Report, highlighting the growing adoption of AI for marketing and personalization, rising demand for holistic wellness offerings like mental health integration, and widespread optimism among fitness and wellness businesses regarding revenue growth and technological investments.[76]Financing
Venture capital rounds
Mindbody Inc. raised pre-IPO venture capital funding through multiple rounds starting in its early years, culminating in significant investments to fuel product development and market expansion. These financings involved prominent angel 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.[77] 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.[78][79] In March 2009, the company raised $5.6 million in an early-stage round from Catalyst Investors to support growth.[80][81] In 2010, the company completed a Series B round of $11 million led by Bessemer Venture Partners, with participation from Catalyst Investors, aimed at enhancing its growth equity position.[82][83] In September 2011, Mindbody raised an additional $9 million from Bessemer Venture Partners and Catalyst Investors to further expansion efforts.[84][85] A larger Series C round followed in November 2012, raising $35 million led by Institutional Venture Partners, alongside returning investors Bessemer Venture Partners and Catalyst Investors, to accelerate product enhancements and customer acquisition.[86] The final major pre-IPO round occurred in February 2014, with $50 million in Series D funding led by W Capital Partners and including Bessemer Venture Partners, Catalyst Investors, and Montreux Equity Partners, specifically allocated for global expansion and mobile product development.[87]| Round Date | Amount | Lead Investors | Other Key Investors | Purpose |
|---|---|---|---|---|
| November 2005 | $1 million | - | Tech Coast Angels, Pasadena Angels | Initial development[78] |
| March 2009 | $5.6 million | Catalyst Investors | - | Growth support[80] |
| August 2010 | $11 million | Bessemer Venture Partners | Catalyst Investors | Growth equity and scaling[82] |
| September 2011 | $9 million | - | Bessemer Venture Partners, Catalyst Investors | Expansion efforts[84] |
| November 2012 | $35 million | Institutional Venture Partners | Bessemer Venture Partners, Catalyst Investors | Product enhancements and customer acquisition[86] |
| February 2014 | $50 million | W Capital Partners | Bessemer Venture Partners, Catalyst Investors, Montreux Equity Partners | Global expansion and mobile products[87] |
