Wellness business software producer Mindbody agreed on Monday to acquire Booker Software, a US-based developer of salon and spa management software, allowing payment technology provider First Data to exit.
Mindbody will pay “approximately” $150m in for the company in a deal that will incorporate cash and the assumption of unvested option awards.
Founded in 2010 and formerly known as GramercyOne, Booker has built an end-to-end software offering for spas and beauty salons that includes online booking and payment, customer relationship management, automated marketing and staff management tools.
The company’s technology is used at roughly 11,000 locations and it generated $25m in revenue from subscriptions and payments in 2017, a year when it processed more than $1.4bn of payments on behalf of its clients.
The purchase follows $77m of funding for Mindbody, $35m of which came in a 2015 series C round featuring First Data’s corporate venturing arm, First Data Ventures, Jump Capital, Signal Peak Ventures, Bain Capital Ventures, Revolution Ventures, TDF Ventures and Grotech Ventures.
Booker had previously raised $42m across rounds in 2011 and 2013, from Bain Capital Ventures, Revolution, Grotech, TDF Ventures, Jubilee Investments and Vital Financial.
Rick Stollmeyer, co-founder and chief executive of Mindbody, said: “Mindbody and Booker power the local businesses that help tens of millions of people lead healthier, happier lives.
“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.”
Centerview Partners was financial adviser for Mindbody on the deal while Raymond James advised Booker. Cooley has been retained as counsel for Mindbody, with Gunderson Dettmer Stough Villeneuve Franklin & Hachigian doing the same for Booker.