Magazine Article | May 16, 2015

Payments: Driving An ISV's Growth

By Matt Pillar, chief editor

As SaaS-provider MINDBODY continues its focused approach to a growing market, becoming an ISO has helped drive its revenue growth.

Rick Stollmeyer’s story isn’t that of your typical Naval Academy graduate. Upon leaving the Academy with a degree in political science and Russian language, he spent six years underwater, serving as an officer on a nuclear-powered attack submarine. Then he left the Navy and landed a lucrative corporate engineering gig. He soon toyed with opening his own engineering services firm. It’s all pretty standard stuff for a Naval Academy grad — lots of intelligence, lots of world travel and adventure, followed by lots of business opportunity.

Then, in 2001, Stollmeyer’s career path changed. As launch plans came together for his engineering services business, Stollmeyer stumbled into — and fell in love with — an opportunity in the yoga business. Perhaps to his own surprise, he founded a software company dedicated to serving it. While it’s a sharp turn from attack submarines and corporate engineering, it’s one that Stollmeyer has made work — and work very, very well. Today, MINDBODY is the leading global online wellness marketplace that employs over 1,100 employees. The company’s Web and mobile software solutions drive business for over 42,000 local business subscribers in more than 124 countries and territories.