Thursday, October 14, 2021

Mindbody Raises $500M, Acquires ClassPass

San Luis Obispo-based software developer Mindbody said on Wednesday that it has raised $500M in a strategic investment, and acquired ClassPass, a monthly subscription service which provides access to fitness and wellness experiences. Financial details of the acquisition were not announced however, the two said the acquisition will be an all-stock deal, with ClassPass continuing to operate its app and website. According to Mindbody, the $500M investment came from an investment group led by Sixth Street. The company said the deal will help it create a a "one-stop shop for both business owners and consumers". Mindbody is led by CEO Josh McCarter. The company said that it continues to have the support of its majority investor and partner, Vista Equity Partners.