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Catalyst-backed MINDBODY Unveils New Headquarters

MINDBODY unveils its new SLO headquarters
San Luis Obispo Tribune
By Nick Wilson

The steadily growing, San Luis Obispo-based company MINDBODY, specializing in business management software for clients in the beauty, health and wellness industries, now has a new place to call home.

With much fanfare, it celebrated its new headquarters Friday that features an additional 64,000 square feet, boosting its size by about 60 percent.

The company that employs about 900 people in San Luis Obispo — plus 200 more in Sydney, New York and the United Kingdom — now has the capacity to expand to about 1,100 employees locally, said Chief Executive Officer Rick Stollmeyer.
“This will allow us to further grow, as well as to create new products and look at new ways of doing business,” he said. “I’ve been very proud of the way we’ve been able to create career opportunities that uplift people’s lives and help them grow professionally. We’ve been very successful at attracting and retain top talent from places like Silicon Valley.”

The new two-story building features a café-style atmosphere with walls that absorb sound and cork floors to minimize noise.

Its expansive office rooms provide workers their choice of stand-up or sit-down cubicles.

The building also showcases a “living wall” of plants that grow vertically through an innovative irrigation system and an LED lighting system, a day-care center, a cafeteria and a soon-to-be installed slide for workers to go downstairs quickly.

“If someone’s late for a meeting, once we get the slide installed, they can quickly spiral down to the first floor,” Stollmeyer said.

Stollmeyer said he visited the offices of Facebook and Google to see how those companies set up their operations but didn’t necessarily copy their office styles.

MINDBODY’s day care will serve about 70 pre-kindergarten age children. Stollmeyer declined to say how much the day care will cost employees but did note that lower-income employees will receive subsidies.

With $70 million in revenues in 2014 and an expanding customer base, Stollmeyer said the company has strived to manage its growth while maintaining a culture that promotes employee happiness.

He cited a top 10 ranking by for best tech companies to work for in 2015 (MINDBODY ranked 10th).

MINDBODY’s services include web scheduling tools, automated marketing and point-of-sale processing for small businesses such as yoga studios, fitness centers and spas.

“My family had a small business here locally, and I know what it’s like,” Stollmeyer said. “Some of our clients have put everything into making their businesses work in a strip mall across the country. We want to help them when they need the help because so much depends on it for them.”

The San Luis Obispo office is open 6 a.m. to 11 p.m., but its global operations fill the gaps of 24-hour customer assistance.

More than 200,000 practitioners and 40,000 businesses in 118 countries and territories use MINDBODY’s mobile-enabled SaaS (Software as a Service) platform.

MINDBODY has not received any additional funding from current or new investors since the $50 million it announced in 2014. That was on top of $35 million raised in 2012.

Stollmeyer declined to disclose any future plans for the company, only saying that he has “no plans to sell” and that he expected to own the company for “many, many years.” He previously said the company’s goal was to be capable of going public, but he declined to comment on that Friday.

Stollmeyer has considered expanding locally with additional offices to Paso Robles or Santa Maria, partly because many employees live in those areas.

“We’re a green company,” he said. “It makes sense to reduce the number of cars on the road.”


Catalyst Investors Closes Fund IV at $377 Million

On March 31st, Catalyst Investors held the final close of its fourth fund, Catalyst Investors IV, with $377 million in capital commitments. Fund IV was oversubscribed, exceeding its $350 million target. Catalyst partners with high-growth, technology-enabled businesses, a strategy which the firm has pursued consistently since inception in 1999.

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