"You don't pay $1.9 billion for a company to tear it apart," says MindBody CEO
The billion dollar deal that puts San Luis Obispo's MindBody in the hands of a San Francisco investment company is finalized. The health and wellness tech company filed its final documents with the U.S. Securities and Exchange Commision on February 15, and is now under the ownership of Vista Equity Partners.
MindBody CEO Rick Stollmeyer—who founded the company 19 years ago—has been tight-lipped on the deal until it went though. But Friday morning, Stollmeyer stopped into the KCBX studios to talk about the merger.
Click on the above audio link to hear Stollmeyer discusss his—and Vista's—plans for the company, what the new Mindbody board will look like, and what the $1.9 billion dollar aquisistion means for the growing Central Coast tech industry. Stollmeyer also addresses rumors that the sale was just a payout to MindBody executives, and he pledged the company will stay in San Luis Obispo with no layoffs while also promising "more jobs and a better product" moving forward.