Wellness software maker Mindbody files for a $100M IPO

Mindbody app

Fitbit is not the only digital fitness company filing for IPO this month; Wellness software maker Mindbody is joining the party, and it too is trying to raise $100 million.

The San Luis Obispo, Calif.-based company provides the Connect platform for wellness centers, gyms and personal trainers. It has seen its revenues soar 44% last year to $70 million, then experiencing similar growth in Q1 2015.

“Despite the wide availability of corporate wellness programs, the actual participation of employees in such programs remains limited,” Mindbody said in its Form S-1 filing. “We believe this is due to the fact that employers lack effective tools to incentivize participation in wellness programs and often fail to satisfy a broad range of employee preferences.”

Mindbody’s platform sits behind a number of mobile apps, which can be seen from the Marketplace section on its website. Around 250,000 wellness practitioners are using Mindbody’s solutions, serving more than 24 million consumers; it also has 42,000 business users in 124 countries and territories.

According to a report Mindbody commissioned from Frost and Sullivan, its addressable market is approximately 4.2 million wellness businesses worldwide. Based on their analysis, Frost and Sullivan estimates a $9.5 billion market for business management software solutions targeted at wellness businesses in 2015 and expects this market to grow to $15.3 billion in 2018.

[Via: MedCityNews]