In the early stages of a $20 million office expansion and with plans to increase its San Luis Obispo workforce to 1,000 employees over the next several years, local software company MindBody looks set to live up to its title as one of Inc. magazine’s fastest-growing businesses in the nation.
The company, which provides business management software to its clients in the health and wellness industry, was ranked No. 1,358 on Inc.’s list of the nation’s 5,000 fastest-growing companies in 2013.
“We’re very fortunate to be in a business with a lot of growth opportunity,” Chief Executive Officer Rick Stollmeyer told The Tribune on Wednesday. “We always knew from the beginning that staying small wasn’t in our future.”
The business started in 2007 in Stollmeyer’s garage in San Luis Obispo.
Groundbreaking began Tuesday on the company’s 64,000-square-foot office expansion, which will include an additional two-story building and four-story parking structure at the south end of Tank Farm Road. The expansion will also add an on-site childcare center, new dining facility and large group meeting room, Stollmeyer said.
Once completed, the entire campus will take up about 150,000 square feet. It is tentatively scheduled to be completed by November 2014.
More space isn’t the only expansion MindBody is looking into.
Stollmeyer said he hopes to have an additional 400 new employees to fill the new offices within the next two or three years.
These employees, combined with the company’s current 580 local workers, would bring its San Luis Obispo workforce to just under 1,000 by 2016. MindBody also employs about 140 people at offices throughout the world.
The majority of the new jobs would be head-of-household type jobs — the company only hires a couple of part-time employees, Stollmeyer said — with positions in software development, communications, marketing and management, among others.
“It’s not all software people,” Stollmeyer said. “Some people might assume that’s all we would have with a business like ours but it’s not all we’re about.”
Average salaries for the new positions were not disclosed.
Stollmeyer declined to disclose the company’s latest annual revenue, though he said it had increased from 2012, when the firm generated about $32 million in revenue. The privately held firm has not disclosed profits.