Mindbody to Acquire Booker Software
MINDBODY, Inc. (NASDAQ: MB),a leading technology platform for the wellness services industry, today announced that it has entered into a definitive agreement to acquire Booker Software, a leading cloud-based business management platform for salons and spas, and the provider of Frederick, a fast-growing, automated marketing software for wellness businesses.
The acquisition of Booker will add approximately 10,000 salons and spas to the MINDBODY marketplace, combining MINDBODY’s leadership in boutique fitness studios and its vast consumer network with Booker’s leadership in high-value salons and spas.
“MINDBODY and Booker power the local businesses that help tens of millions of people lead healthier, happier lives,” said Rick Stollmeyer, MINDBODY CEO and co-founder. “By combining our technology and teams, we will help our customers grow by connecting them to even larger consumer audiences. Our intention is to rapidly expand our wellness and beauty platform by delivering more value to customers, consumers and partners alike.”
"MINDBODY and Booker have long shared a common purpose: delivering a platform that empowers wellness and beauty professionals to run and grow their businesses," said Josh McCarter, Booker CEO. "By joining forces, we can deliver the game-changing technologies the wellness industry has been waiting for, and accelerate growth for our customers."
Booker was founded in 2010 to serve the beauty industry and earned approximately $25 million in subscription and payments revenue in 2017. Today, Booker serves approximately 10,000 high end salons and spas, and its platform processed over $1.4 billion in payments volume in 2017.
Under the terms of the agreement, MINDBODY will acquire Booker Software for approximately $150 million in cash and the assumption of unvested option awards. The transaction is expected to close in Q2 2018, and if closed, additional financial information will be shared when MINDBODY reports its Q1 2018 results.
Centerview Partners is acting as financial advisor to MINDBODY. Raymond James is acting as financial advisor to Booker. Cooley LLP is acting as counsel for MINDBODY and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP is acting as counsel for Booker.
MINDBODY, Inc. (NASDAQ: MB) is the leading technology platform for the wellness services industry. Local wellness entrepreneurs worldwide use MINDBODY’s integrated software and payments platform to run, market and build their businesses. Consumers use MINDBODY to more easily find, engage and transact with wellness providers in their local communities. For more information on how MINDBODY is helping people lead healthier, happier lives by connecting the world to wellness, visit mindbodyonline.com.
Booker is the leading technology platform for running and growing salons and spas, delivering an end-to-end solution for business owners to compete in the rapidly growing market for local services. Booker and Frederick solutions offer health, wellness, and beauty businesses an all-in-one solution with online booking, CRM, marketing automation, staff management, and POS, enabling business owners to run and grow their businesses. With offices in New York City and Scottsdale, Arizona, Booker is used by more than 130,000 professionals at over 11,100 locations. For more information, visit www.booker.com.