Vista Equity Partners, a leading global investment firm, acquired Mindbody, the leading wellness technology platform for the wellness industry, in February 2019. Vista and Mindbody had initially entered into an agreement in December 2018, and the deal was completed two months later. Prior to the announcement, Mindbody had been publicly traded on the Nasdaq stock market.
At the time of the acquisition, Rick Stollmeyer, co-founder and executive board member of Mindbody, expressed enthusiasm for the next stage that Mindbody would be entering with Vista. “Seventeen years ago, we set out on a journey to leverage technology to improve the health and wellness of the world. Today, that technology is helping people lead healthier, happier lives by connecting the world to fitness, beauty, and wellness. Our partnership with Vista marks a significant milestone on our journey and will allow us to accelerate our growth and serve our customers, consumers and partners better than ever before.”
The acquisition by Vista has allowed Mindbody to enter into a new phase of growth. In addition to opening an office in India to assist in research and development, the company has made strategic investments in its core technology and product offerings. Furthermore, in July 2020, Mindbody appointed its president, Josh McCarter, to the role of CEO.
Since the acquisition, Mindbody has reached major milestones including the acceleration of artificial intelligence and machine learning units that power its technology for providing accurate recommendations to customers. Mindbody has also implemented trend forecasting strategies to help wellness businesses anticipate how their industry may change due to changing customer needs.
In October 2021, Mindbody also entered into a definitive agreement to acquire ClassPass, a monthly subscription service that offers access to an extensive network of fitness and wellness experiences. This acquisition brings together two of the wellness industry's most prominent leaders, creating a one-stop-shop for both business owners and customers. The acquisition follows two others, Bowtie in 2019 and ZeeZor in 2020.
In conjunction with the ClassPass acquisition, Mindbody received a strategic investment from a group led by Sixth Street, an investment firm, to help accelerate the company’s growth over the past year, along with the continued support from Vista Equity Partners.
About Vista Equity Partners
Vista Equity Partners (@Vista_Equity) is an investment firm that was founded in 2000 by entrepreneur Robert F. Smith, who has served as chairman and CEO since the company’s inception. Vista exclusively invests exclusively invests in enterprise software, data, and technology-enabled companies, and utilizes a variety of strategies to yield positive results for all stakeholders. Vista’s investment strategies include permanent capital, credit, and public and private equity.
In addition to facilitating technological innovation, Vista is also dedicated to developing long-term charitable partnerships that will better the communities in which its employees live and work. Many of Vista’s philanthropic endeavors aim to promote equity, advocate for women and minorities in the workforce, and provide educational opportunities for underserved students. Vista’s philanthropic work also provides funding for performing arts and music education, and pairs underrepresented students with internship opportunities rooted in fostering leadership.