Vista to acquire business management software firm Mindbody for $1.9bn
Vista acquisition of Mindbody : Vista Equity Partners has agreed to acquire California-based Mindbody, a provider of cloud-based business management software for the wellness services industry, for about $1.9 billion in an-all cash deal.
Vista acquisition of Mindbody
Founded in 2001, Mindbody serves local entrepreneurs as a technology platform for their fitness, beauty and wellness services businesses. Its integrated software and payments platform are used for operating, marketing and building their businesses.
For consumers, the cloud-based platform enables them to more easily find, engage and carry out transactions with fitness, wellness and beauty providers in their local communities.
Overall, the business management software firm caters to nearly 35 million consumers across 130 plus countries and territories. Its business management software and online scheduling platforms are used by more than 58,000 health and wellness businesses across the globe.
Some of the clients of Mindbody include New York Health & Racquet Club and Bikram Yoga.
Vista acquisition of Mindbody. Photo courtesy of MINDBODY Staff/Wikipedia.org.
Commenting on Vista acquisition of Mindbody, Rick Stollmeyer – Co-Founder and CEO of Mindbody, said: “Mindbody’s purpose is to help people lead healthier, happier lives by connecting the world to fitness, beauty and wellness.
“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.”
As per the terms of Vista acquisition of Mindbody, the investment firm will buy all shares of the latter’s common stock at $36.50 per share. Mindbody’s board of directors have approved the deal unanimously and recommended stockholders to vote their shares in favor of it.
The agreement signed by the parties gives a 30-day “go-shop” period for Mindbody to seek other proposals for its acquisition.
Brian Sheth – Co-Founder and President of Vista Equity Partners, commenting on Vista acquisition of Mindbody, said: “Mindbody’s position as the leading technology platform for the fitness, beauty and wellness industries makes it an ideal addition to the Vista family of companies.
“We look forward to partnering with Rick and the entire Mindbody team to deliver innovation to customers that will help grow their businesses and to consumers who depend on Mindbody to strengthen their health and well-being.”
Vista acquisition of Mindbody is anticipated to be wrapped up in Q1 2019 based on customary closing conditions such as approval of the software company’s stockholders and receipt of antitrust approval in the US.