SAN LUIS OBISPO, Calif.,
March 12, 2018 /PRNewswire/
-- MINDBODY, Inc. (NASDAQ: MB), the 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.
Conference Call Information
MINDBODY will host a
conference call today at 2:30 p.m. Pacific
Time/5:30 p.m. Eastern Time,
March 12, 2018 to discuss the planned
acquisition of Booker. To access the call, please dial (844)
494-0191 or (508) 637-5581 at least five minutes prior to the
start time with access code 8183329. A live webcast of the call
will be available on the Investor Relations section of the
Company's website at investors.mindbodyonline.com. An audio replay
of the call will be available until 5:30
p.m. Eastern Time March 19,
2018 by dialing (855) 859-2056 or (404) 537-3406 and
entering access code 8183329.
About MINDBODY
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.
About Booker
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.
Forward-Looking Statements
This press release contains forward-looking statements about the
expectations, beliefs, plans, intentions and strategies of MINDBODY
relating to MINDBODY's acquisition of Booker. Such
forward-looking statements include statements regarding expected
benefits to MINDBODY, Booker and their respective customers;
expected increase in the number of salons and spas that, following
the consummation of the acquisition, will be part of the MINDBODY
marketplace; and expected timing for the consummation of the
acquisition. These statements reflect the current beliefs of
MINDBODY and are based on current information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made.
The ability of MINDBODY to achieve these business objectives
involves many risks and uncertainties that could cause actual
outcomes and results to differ materially and adversely from those
expressed in any forward-looking statements. These risks and
uncertainties include the failure to achieve expected synergies and
efficiencies of operations between MINDBODY and Booker; the ability
of MINDBODY and Booker to successfully integrate their respective
market opportunities, technology, products, personnel and
operations; the failure to timely develop and achieve market
acceptance of combined products and services; the potential impact
on the business of Booker as a result of the acquisition; the loss
of any Booker customers; the ability to coordinate strategy and
resources between MINDBODY and Booker; the ability of MINDBODY and
Booker to retain and motivate key employees of Booker; general
economic conditions; as well as those risks and uncertainties
included under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations," in our Form 10-K filed with the Securities and
Exchange Commission on March 1, 2018
for the year ended December 31, 2017,
which is available on the Investor Relations section of our website
at investors.mindbodyonline.com and on the SEC website at
www.sec.gov.
© 2018 MINDBODY, Inc. All rights reserved. MINDBODY, the Enso
logo and Connecting the World to Wellness are trademarks or
registered trademarks of MINDBODY, Inc. in the United States and/or other countries.
Other company and product names may be trademarks of the respective
companies with which they are associated.
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SOURCE MINDBODY, Inc.