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Wellness tech company adds dynamic pricing engine to its product platform
San Luis Obispo, Calif. – March 28, 2017 – MINDBODY (NASDAQ: MB), the leading provider of cloud-based business management software for the wellness services industry, today announced the acquisition of Lymber Wellness, an early-stage tech company specializing in breakthrough yield management solutions for class and appointment based businesses.
Built on MINDBODY’s API platform, Lymber’s technology enables business owners to set dynamic pricing parameters for class and appointment sessions. The technology identifies open class and appointment inventory, and automatically adjusts session prices in real time to match supply and demand.
Similar to yield management solutions found in the hospitality and travel industries, automated dynamic pricing enables wellness business owners to increase class and appointment sales without degrading their existing full-price paying customer base. The net effect is to enhance the business’ revenue and profitability, while providing a broader audience of price sensitive wellness seekers with more affordable options.
“The Lymber team has created a breakthrough technology addressing the holy grail of our industry – yield management,” said Rick Stollmeyer, MINDBODY CEO and Co-founder. “By embedding this technology into our business software, consumer apps and the MINDBODY Network, we intend to enable our subscribers to better achieve their business goals by more effectively selling the millions of available classes and appointments they offer each day. This is a win-win for wellness business owners, practitioners and consumers everywhere, and a huge step forward in our mission of creating a global wellness services marketplace.”
Deep integration of Lymber’s technology into the MINDBODY platform will begin immediately, with initial rollout expected in the second half of 2017.
MINDBODY (NASDAQ: MB) is the leading provider of cloud-based business management software for the wellness services industry and a rapidly growing consumer brand. Over 60,000 local businesses and 329,000 wellness practitioners in over 130 countries and territories use MINDBODY's integrated software and payments platform to run, market and build their businesses. These practitioners provide a variety of wellness services to millions of consumers who use the MINDBODY platform to more easily evaluate, engage and transact with them to live healthier and happier lives. For more information, visit mindbodyonline.com