Mindbody IPO is the 'Uber of Wellness'

By IPOsFOXBusiness

Mindbody CEO talks IPO plans

Mindbody, the software powering 42,000 gyms and yoga studios throughout the world, went public on the NASDAQ on Friday. CEO Rick Stollmeyer discusses the company’s path to profitability and expansion in the health and wellness industry.

Mindbody (NASDAQ:MB), the software provider for fitness studios, went public on the Nasdaq (NASDAQ:NDAQ) on Friday, after raising $100 million in its IPO.

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The San Luis Obispo, Ca.-based company provides payments software and online scheduling platforms for 42,000 health and wellness businesses globally and has gained significant traction with yoga studios. Clients include ClassPass, Bikram Yoga, and New York Health & Racquet Club.

“Our software solves some fundamental problems in these businesses,” CEO Rick Stollmeyer told FOXBusiness.com. “They need to centralize the account management of all of their customers.”

Mindbody also has a consumer-facing app called Mindbody Connect, making it easier to find and book fitness classes and wellness services. Stollmeyer called it the “Uber of wellness” and also compared the app to OpenTable (NASDAQ:PCLN).

Mindbody brought in $70 million in revenue last year, a 44% increase from 2013. The company, which was founded in 2001, is not yet profitable and posted a loss of $24.6 million last year.

Top shareholders include Bessemer Ventures with a 20.3% stake prior to the offering, Catalyst Investors with a 15.5% stake and CEO Rick Stollmeyer with a 10.5% stake.

Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS) and UBS (NYSE:UBS) served as lead underwriters.

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