Mindbody Inc.

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MINDBODY Inc
MINDBODY
Public
Traded as NASDAQMB (Class A)
Russell 2000 Component
Industry Technology
Founded 2001
Founder Rick Stollmeyer
Blake Beltram
Headquarters 4051 Broad Street, San Luis Obispo, California, United States
Key people
Rick Stollmeyer (CEO)
Products
  • MINDBODY for Business
  • MINDBODY App
  • MINDBODY for Corporate Wellness
Revenue
  • Increase US$ 139,021,000 (2016)
  • Increase US$ 101,369,000 (2015)
[1] (FY 2016)
  • Increase US$ (21,332,000) (2016)
  • Increase US$ (34,742,000) (2015)
[1] (FY 2016)
Total assets
  • Increase US$ 143,946 (2016)
  • Increase US$ 141,414 (2015)
[1] (FY 2016)
Total equity
  • Decrease US$ 101,656,000 (2016)
  • Increase US$ 105,783,000 (2015)
[1] (FY 2016)
Number of employees
1,350 (31 December 2016[1])
Website mindbodyonline.com

MINDBODY Inc NASDAQMB was founded in 2001.[2] It provides cloud-based business management software for the wellness services industry. MINDBODY serves about 35 million consumers located in over 130 countries and territories. It provides business management software and online scheduling platforms for over 58,000 health and wellness businesses globally.[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 power the inventory on the ClassPass app.[5][6] According to Institutional Venture Partners, MINDBODY is the largest global provider of online business management software to the beauty, health and wellness industry.[7]

History[edit]

MINDBODY was originally known as HardBody software. The latter was co-founded by Blake Beltram and Rick Stollmeyer in 2000. The company was later incorporated as MINDBODY in 2001.[8] In 2005, MINDBODY Online was launched and it later received its first private funding round of $1 million in November 2005 from Tech Coast Angels and Pasadena Angels.[9] The company's first round of institutional investment came up in April 2009 to the sum of $5.6 million from Catalyst Investors.[10] The company received more investment in August 2010 to the sum of $14 million from Bessemer Venture Partners and Catalyst Investors with an initial portion of $11 million while the remaining $3 million was to be exercised at any time within 36 months.[11] It received another round of funding in November 2012 of $35 million from Bessemer Venture Partners, Institutional Venture Partners, and Catalyst Investors.[12] According to Rick Stollmeyer the CEO, the funds from that round would enable the company to expand globally to link the 2 million beauty and wellness businesses operating worldwide with the hundreds of millions of consumers who can use their services.[12] In February 2014, MINDBODY received its final round of private funding in the amount of $50 million from Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners.[13]

In February 2015, MINDBODY acquired Fitness Mobile Apps for an undisclosed amount. At the time of the acquisition the company was creating customizable applications for iPhone, iPad, and Android platforms.[14] MINDBODY went public in June 2015 raising $100M USD in capital.[15] 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.[16][17]

In September 2016, MINDBODY acquired HealCode, a technology company that designed web tools for the fitness and wellness industry.[18] 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.[19]

Awards and recognition[edit]

  • 2016 Webby Award and Webby People's Voice Award in the Mobile App: Fitness and Recreation category.[20]
  • MINDBODY Connect – CODiE Award for Best Consumer Application 2015.[21]
  • MINDBODY Express – Silicon Valley Business App: Best Finance & Management App 2015.[22]
  • Named among the top 50 best places to work for by Glassdoor in 2016, 2015 and 2014.[23][24][25]
  • Named among Inc. Magazine’s fastest growing companies in the U.S. (Inc 5000) annually 2008-2015, making the Inc 500 list in 2009.[26]

References[edit]

  1. ^ a b c d e f "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. ^ "Global Software Provider MINDBODY Raises $35 Million – IVP". www.ivp.com. Retrieved 11 September 2016.
  8. ^ "The culture of MindBody". The Tribune. Retrieved 11 September 2016.
  9. ^ "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.
  10. ^ "Pasadena Angels, Inc. MINDBODY Secures Funding for Business Expansion". pasadenaangels.com. Retrieved 11 September 2016.
  11. ^ "MindBody Raises $11M". FinSMEs Ltd. 23 August 2010. Retrieved 11 September 2016.
  12. ^ a b Farr, Christina. "MindBody, a Salesforce for health and beauty, abs $35M". VentureBeat. Retrieved 11 September 2016.
  13. ^ "Mindbody raises $50 million from investors to fund growth". sanluisobispo. Retrieved 2017-01-04.
  14. ^ "MINDBODY Expands Consumer Platform with Acquisition" (PDF). Retrieved 11 September 2016.
  15. ^ "Mindbody (MB) Goes Public, Stock Closes Below IPO Price - Stocks in the News". 19 June 2015. Retrieved 10 September 2016.
  16. ^ Desk, BWW News. "Fitbit Adds Genuine Thermos Brand to its Roster". Retrieved 1 November 2016.
  17. ^ "The App". MINDBODY. 25 November 2015. Retrieved 1 November 2016.
  18. ^ "MindBody buys Austin startup HealCode for undisclosed amount - Austin Business Journal". Austin Business Journal. Retrieved 1 November 2016.
  19. ^ 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.
  20. ^ "MINDBODY App | The Webby Awards". Webby Award. Retrieved 11 September 2016.
  21. ^ "Winners - 2015 SIIA CODiE Awards". www.siia.net. Codie award. Retrieved 11 September 2016.
  22. ^ "2015 Winners". Silicon Valley Business App Awards. Retrieved 1 November 2016.
  23. ^ "Glassdoor - Best Places to Work". Glassdoor. Retrieved 8 November 2016.
  24. ^ Ames, Danielle. "Mindbody again named among 50 Best Places to Work". Retrieved 11 September 2016.
  25. ^ Sahadi, Jeanne (9 December 2015). "Glassdoor best places to work: 50 companies that employees love". CNNMoney. CNN. Retrieved 11 September 2016.
  26. ^ "Find out why MindBody made Inc.'s Founders 40 List". Inc.com. Retrieved 1 November 2016.