Mindbody & ClassPass
Mindbody is prepping a public return.
What’s happening: The fitness and wellness software provider hired Goldman Sachs to explore an IPO within “12–18 months.”
Operating as Mindbody ClassPass following the 2021 acquisition of the class-booking marketplace, the dual-entity business is growing 20% YoY, expecting $500M in ’24 revenue.
Booking it. Of note, Mindbody previously went public in 2015 before being taken private by Vista Equity Partners for $1.9B in 2019.
After taking the reins post-merger, CEO Fritz Lanman noted how low the bar for industry software was set, with both studio and exerciser needs unmet.
Pairing its platforms and investing in AI to help clients market new wellness offerings, ClassPass has grown 65% since pre-pandemic.
Roll Call
A competitive space, fitness & wellness SaaS companies are scaling up.
- Thoma Bravo is reportedly exploring a $3B sale of ABC Fitness — which owns coaching app Trainerize and studio management platform Glofox.
- Backed by Advent International, Xplor rolled up booking software of Mariana Tek, admin solutions zingfit and Triib, and PT app TrueCoach.
- Clubessential Holdings is forecasting $225M in revenue this year and could fetch $3B in a potential sale.
Meanwhile, Hapana recently added $17M and Gymdesk raised $32.5M as upstarts like Arketa and Momence give chase.
Takeaway:Operators want easy admin and packed classes. As Mindbody and other software providers step up their game for clients and their customers, the brick-and-mortar industry can only go up.
