Booker Software which is a cloud-based business management platform catering to salons and spas and the owner of Fredrick which is an automated marketing software created for the wellness business sector was announced to be acquired by Mindbody Inc. which is a technology platform used by the wellness services industry. a definitive agreement for a deal has been reached between the two, the later announced on Wednesday.
The large consumer network of Mindbody would be bolstered by Booker’s leadership in high-value salons and spas from the acquisition in addition to combining about 10,000 more salaons and spas to its list of clients. Mindbody would also be able to attain leadership position in the boutique fitness studios segment.
“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.”
The revenues – primarily through subscriptions, reached about $25 million in 2017 for Booker which was set up as a startup in 2010 to cater to the beauty industry. In 2017, the online platform of Booker processed more than $1.4 billion in payments volume and the company currently has a client lists of more than 10,000 high end salons and spas.
About $150 million in cash and the assumption of unvested option awards has been affixed as the deal amount to be paid by Mindbody for Booker under the terms of the agreement of the acquisition. It is expected that the deal would come mot a close by in Q2 2018.
While Raymond James is acting as financial advisor to Booker, Centerview Partners is acting as financial advisor to MINDBODY.
The integrated software and payments platform of Mindbody is quite popular among local wellness entrepreneurs globally and is sued to manage, run, market and build on the business model of companies. The platform of the firm allows better and easy location, engagement and transaction between the wellness providers in their local communities and the customers.
The market for local services is growing rapidly and smaller salons and spas are helped to run and grow their business by the technology platform provided by Booker. The platform provides end-to-end solution for business owners offering online booking, CRM, marketing automation, staff management, and POS.
(Adapted from PRNewswire.com)