MINDBODY –MB, a provider of cloud-based business management software for the wellness services industry, founded in 2001, in a recent statement, announced to go private after a brief three years term as a public company. In a recent purchase deal for $1.9 billion, which is supposed to close in by Q1 2019, Vista Equity Partners purchased all of MB’s stock.
As per the terms of the purchase, MB’s shareholders will get $36.50 in cash per share, representing a 68 percent premium from where the trading stock closed last week. MB’s software are largely focused on payment systems, which accounts to 36 percent of its revenue. The software firm also has a whopping 12 million registered users of its consumer app.
According to Rick Stollmeyer, co-founder and chief executive of MINDBODY, the firm is thrilled to provide immediate liquidity to its shareholders at a significant premium to market prices. The firm plans to leverage Vista’s resources and deep expertise to accelerate its growth and expand its market presence.
According to Brian Sheth, co-founder, and president of Vista, MB’s leading position as the technology platform for the fitness, beauty and wellness industries makes it ideal to add to the Vista family of companies. The company looks forward to working together with Rick and his team to deliver innovative solutions to clients to help boost their businesses and to consumers who trust MB to strengthen their health and well-being.