MINDBODY, Inc. is a

San Luis Obispo, California San Luis Obispo (; Spanish for " St. Louis the Bishop", ; Chumash: ''tiłhini'') is a city and county seat of San Luis Obispo County, in the U.S. state of California. Located on the Central Coast of California, San Luis Obispo is roughly halfwa ...

-based

software-as-a-service Software as a service (SaaS ) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software. SaaS is cons ...

company that provides

cloud-based Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. Large clouds often have functions distributed over multip ...

online scheduling and other business management software for the wellness services industry. Founded in 2001, the company services over 58,000 health and wellness businesses with about 35 million consumers in over 130 countries and territories. Since October 2021, the company has owned

ClassPass ClassPass Inc. is the largest health club aggregator by number of club partnerships, with over 30,000 health clubs in 28 countries. For a subscription fee, it provides both online and in-person access to different fitness classes such as yoga, st ...

. It is majority owned by

Vista Equity Partners Vista Equity Partners is an American investment firm focused on financing and forwarding software, data, and technology-enabled startup businesses. Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo. The co ...

, a

private equity firm A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leve ...

. The Mindbody

mobile app A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on d ...

is integrated with

Fitbit Fitbit (stylized as fitbit) is an American consumer electronics and fitness company. It produces wireless-enabled wearable technology, physical fitness monitors and activity trackers such as smartwatches, pedometers and monitors for heart rate ...

and

Under Armour Under Armour, Inc. is an American sports equipment company that manufactures footwear, sports and casual apparel. Under Armour's global headquarters are located in Baltimore, Maryland, with additional offices located in Amsterdam (European hea ...

’s

MyFitnessPal MyFitnessPal is a smartphone app and website that tracks diet and exercise. The app uses gamification elements to encourage adherence to exercise and diet goals. To track nutrients, users can either scan the barcodes of various food items or ...

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 given the title Co-founder. The company later incorporated as MINDBODY, Inc. 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 Tech Coast Angels is the leading source of funding to early-stage companies in Southern California. TCA has over 450 members and is also one of the largest angel networks in the world. An analysis by CB Insights ranked TCA #1 out of 370 angel grou ...

and Pasadena Angels. In April 2009, it received $5.6 million in financing from Catalyst Investors. In August 2010, it raised $11 million from

Bessemer Venture Partners Bessemer Venture Partners (Bessemer) is an American venture capital firm. The firm has over $19 billion under management and invests globally, with offices in San Francisco, Redwood City, New York City, Boston, Israel, India, and London. Bessemer ...

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

Institutional Venture Partners Institutional Venture Partners (IVP) is a US-based private equity investment firm focusing on later-stage venture capital and growth equity investments. IVP is one of the oldest venture capital firms, founded in 1980. History While Reid W. Denn ...

, and Catalyst Investors. In February 2014, Mindbody received its final round of private funding in the amount of US$50 million from Bessemer Venture Partners,

, Catalyst Investors, W Capital Partners and Montreux Equity Partners. In June 2015, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

, raising $100 million. In February 2019, the company was acquired by

for US$1.9 billion. In 2019 Mindbody was acquired by Vista Equity Partners and promised to not leave the central coast of California both to the media and staff. Yet, after a two layoffs, the first being in March of 2020 and the second on November 1, 2022 the majority of the company is no longer located in the region of San Luis Obispo CA. Mindbody has had three CEOs since Vista’s acquisition; Rick Stollmeyer, Josh McCarter, and

Fritz Lanman Fritz Lanman (born August 6, 1981) is an American entrepreneur and investor in early-stage technology companies. He led the seed and Series A financings in ClassPass in 2014 and became CEO in 2017. In 2021, ClassPass was acquired by Mindbody Inc ...

. 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. Less than a year later, Josh McCarter resigned and Fritz Lanman became the new CEO on September 3, 2022. On November 1, 2022, just two months after becoming CEO, Fritz Lanman laid off 300-400 Mindbody as well as ClassPass staff.

Acquisitions

In February 2010, Mindbody acquired ClientMagic, a company that provided scheduling and business management software to salons and spas. In June 2013, Mindbody acquired Jill's List, a platform for Integrative Healthcare practitioners. In February 2015, Mindbody acquired Fitness Mobile Apps. At the time of the acquisition the company was creating customizable applications for

iOS iOS (formerly iPhone OS) is a mobile operating system created and developed by Apple Inc. exclusively for its hardware. It is the operating system that powers many of the company's mobile devices, including the iPhone; the term also includes ...

and

Android Android may refer to: Science and technology * Android (robot), a humanoid robot or synthetic organism designed to imitate a human * Android (operating system), Google's mobile operating system ** Bugdroid, a Google mascot sometimes referred to ...

platforms. In September 2016, Mindbody acquired HealCode, a technology company that designed web tools for the fitness and wellness industry. In March 2017, the company acquired Lymber Wellness. In February 2018, the company acquired FitMetrix. In October 2018, the company exposed millions of user records due to its servers not having passwords. In March 2018, the company acquired Booker Software for $150 million. In May 2019, the company acquired Bowtie.ai. In May 2019, the company acquired Simplicity First. In May 2020, the company acquired ZeeZor, an analytics and staff engagement platform for salon and spa businesses. In October 2021, the company acquired

Awards and recognition

* 2016

Webby Award The Webby Awards are awards for excellence on the Internet presented annually by the International Academy of Digital Arts and Sciences, a judging body composed of over two thousand industry experts and technology innovators. Categories include ...

and Webby People's Voice Award in the Mobile App: Fitness and Recreation category. * Mindbody Connect—

Codie Award The Software and Information Industry Association (SIIA) is a trade association dedicated to the entertainment, consumer and business software industries. Established in 1984 as the Software Publishers Association (SPA), the SIIA took its new na ...

for Best Consumer Mobile Application 2015. * Mindbody Express—Silicon Valley Business Awards, App: Best Finance & Management App 2015. * Named among the top 50 best places to work by

Glassdoor Glassdoor is an American website where current and former employees anonymously review companies. Headquartered in San Francisco, California, it has additional offices in Chicago, Dublin, London, and São Paulo. Glassdoor also allows its users to ...

in 2016, 2015 and 2014. * Named among '' Inc.'' magazine’s fastest growing companies in the US from 2008–2015, and making the

Inc. 500 ''Inc.'' is an American business magazine founded in 1979 and based in New York City. The magazine publishes six issues per year, along with surrounding online and social media content. The magazine also produces several live and virtual events y ...

list in 2009. * Ranked 8th on the list of Top 10 Most Innovative Companies in Beauty by

Fast Company ''Fast Company'' is a monthly American business magazine published in print and online that focuses on technology, business, and design. It publishes six print issues per year. History ''Fast Company'' was launched in November 1995 by Alan Web ...

References

{{Reflist 2001 establishments in the United States 2015 initial public offerings 2019 mergers and acquisitions Business software Companies formerly listed on the Nasdaq Cloud applications Cloud computing providers Privately held companies of the United States Software companies based in California Software companies established in 2001 Software companies of the United States