Mindbody Inc. (MB) - Get Report  soared after it agreed to be acquired by investment firm Vista Equity Partners in a deal valued at about $1.9 billion, the fitness studio software maker said Monday.

The deal is expected to close in the first quarter of 2019 and isn't subject to a financing condition, Mindbody said in a statement.

Mindbody shareholders will receive $36.50 in cash per share, a 68% premium to the unaffected closing price as of Friday, Dec. 21.

Shares of Mindbody were jumping 66.7% on Monday to $36.21.

Mindbody's board unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction, the statement said. The closing of the transaction is subject to customary conditions.

The definitive agreement for the transaction includes a 30 day "go-shop" period, which permits Mindbody's board and financial advisors to actively initiate, solicit, encourage and potentially enter negotiations with other parties that make alternative acquisition proposals. 

Rick Stollmeyer, co-Founder and CEO of Mindbody, said that "we are thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices and to leverage Vista's resources and deep expertise to accelerate our growth while achieving that purpose more effectively than ever before."

Mindbody operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry. Based in San Francisco, Vista Equity Partners specializes in investments in the software, data, and technology industries.

"Mindbody's position as the leading technology platform for the fitness, beauty and wellness industries makes it an ideal addition to the Vista family of companies," said Brian Sheth, co-Founder and president of Vista, said.