Mindbody Inc (MB.O), a maker of software to help run fitness and yoga studios, said on Monday it agreed to be bought by private equity firm Vista Equity Partners in a deal valued at about AU$2.7 billion.
The software-as-a-service (SaaS) business, Mindbody’s purpose is to help people lead healthier, happier lives by connecting the world to fitness, beauty and wellness.
Rick Stollmeyer, co-Founder and CEO of Mindbody said in a statement “we are thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices and to leverage Vista’s resources and deep expertise to accelerate our growth while achieving that purpose more effectively than ever before.”
Mindbody shareholders will receive AU$51.50 per share in cash, representing a premium of about 68 percent to the company’s closing price as of Friday last week.
Since it went public in June 2015, the maker of business management software for fitness boutiques, spas and beauty salons has generated a steady rise in revenue. For 2017, it reported revenue of AU$259.40 million.
Mindbody’s board and advisers have been given a 30-day ‘go-shop’ period to consider alternative offers before fully accepting the deal.
The deal has been approved by the company’s board and is expected to close by the end of March 2019.
- Your business depends on your ability to keep moving – Mindbody is personal training software moves with you.
- Everything it takes to run your box or studio including quick scheduling and payments, instant check-ins and integrated WOD tracking.
To find out how your gym or fitness studio can benefit from the features Mindbody has to offer you and our business enquire below.