Acquisition solidifies MINDBODY's position in the salon software market
SAN LUIS OBISPO, Calif., Feb. 9, 2010 — MINDBODY, Inc. announced today it has acquired ClientMagic Software, a private company based in Folsom, California, that provides scheduling and business management software to salons and spas.
"The acquisition of ClientMagic reflects our strategic focus of expanding our web-based software into hair, nail and skin salons," said Rick Stollmeyer, founder and CEO of MINDBODY. "ClientMagic shares our values, with a long-time commitment to providing quality software at an affordable price. By combining ClientMagic's salon expertise with our purely web-based platform, we intend to bring salon owners a host of powerful new features that will increase their revenues and cut their costs."
MINDBODY's platform enables salon, studio and spa businesses to manage their schedules, sales, customer relationships and payment processing from any web-accessible computer. Most recently, the company has released a family of iPhone applications that connect new customers and staff members to the business for purchasing and scheduling. A subscription to the Online Business Manager includes daily backups, redundant off-site data storage, automated feature updates and unlimited support seven days per week for as little as $35 per month.
These features are particularly useful to hair salons. "Many of our busy clients tell us they cannot live without the convenience of MINDBODY's online booking feature, and our staff loves the fact that they can access information from anywhere," said Ann Merin, owner of Beauty Heaven in Irvine, CA.
Established in 2001, MINDBODY now serves more than 7,000 businesses in 60 countries. Its software subscribers include salons, yoga and Pilates studios, spas, personal trainers, physical therapists and martial arts studios. The company has annual revenues in excess of $10 million and was recently recognized by Inc. 500 in 2009 as the 21st fastest-growing software company in the nation.
"MINDBODY has a history of exceeding expectations, both strategically and financially. We expect that they will revolutionize the salon software market, as they have already done in the health and fitness software market," said Tyler Newton, Partner and Research Director at Catalyst Investors, a growth private equity firm that infused $5.6 million into MINDBODY in March 2009.
In 2010, MINDBODY is expanding its service offerings to include mobile applications and a powerful new listing service called MINDBODY Finder that will make the classes and appointments of any business visible on thousands of mobile devices and hundreds of high-traffic media sites and web portals.
Developed in 1991, ClientMagic software was originally designed to improve the process of scheduling appointments and reduce entry errors for veterinarian and medical offices. The software has since grown to include inventory, billing and CRM features. "I believe the way small and medium businesses manage their clients and companies has changed forever. PC-based software will soon be obsolete. Fortune 500 companies, including health care, have been using the web-based platform for many years," said Stewart E. Skiff, founder and president of ClientMagic Software. "The merging of our companies will bring the best of both worlds to our existing and future clients. We look forward to working with MINDBODY to ensure a high level of support, features and services to aid small businesses."
As part of the acquisition, MINDBODY has hired Mr. Skiff and ClientMagic's technical staff. Financial terms were not disclosed.
Contacts:
Rick Stollmeyer
Founder & CEO
Email
(805) 476-2710
(805) 441-4913
Meg McCall
Marketing Manager
(805) 476-1245
Email
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