MINDBODY, a platform that connects consumers to wellness services and provides businesses in the wellness industry with local marketing, appointment booking, and payments solutions, announced on Monday afternoon that it will acquire Booker, a management platform serving about 10,000 premium salons and spas.
Occupying the same space in different ways, MINDBODY and Booker are poised to complement each other and better serve their combined inventories as a single force.
MINDBODY brings a wide-ranging community of consumers as well as relationships with boutique wellness studios to the deal, while Booker more than doubles MINDBODY’s list of spa and salon clients.
For both small businesses and multi-location brands, MINDBODY offers the value proposition of many platform plays operating at a time when a consumer-facing company’s digital footprint is as or more important than word of mouth: a way to connect with local customers through the Web.
But MINDBODY and Booker also both offer the precision of technology companies working within well-defined communities limited to given verticals. This sort of specialization may be particularly appealing to local businesses these days, as concerns about brand safety on broad marketing and social platforms abound.
The companies’ offerings are also not limited to getting customers in the door. Both companies offer payments solutions, with Booker alone processing over $1.4 billion in payments in 2017, according to the press release.
When the goal is connecting business clients with as many consumers as possible in the most effective ways technology can offer, the benefits of an acquisition deal that boosts MINDBODY’s reach and builds up its arsenal of software-driven solutions are clear.
“By combining our technology and teams, we will help our customers grow by connecting them to even larger consumer audiences,” MINDBODY CEO and co-founder Rick Stollmeyer said in a press release shared by the companies.
The acquisition deal adds up to about $150 million. It is expected to close in Q2 of this year.
Joseph Zappa is Street Fight’s managing editor.