Under Armour is in the process of acquiring MapMyFitness, a fitness technology company powering one of the world's largest digital fitness communities.
Under Armour will leverage the fitness platform to expand its digital capabilities. MapMyFitness has one of the largest connected fitness communities in the world and offers a diverse suite of websites and mobile applications under its flagship brands MapMyRun and MapMyRide. Utilizing GPS and other advanced technologies, MapMyFitness provides users with the ability to map, record and share their workouts.
"This partnership is about Under Armour enhancing our digital expertise to drive the future of performance innovation for the global athlete community," said Kevin Plank, founder and CEO of Under Armour. "We will build on the community of more than 20 million registered users that MapMyFitness has cultivated in the connected fitness space, and together we will serve as a destination for the measurement and analytics needs of all athletes. Innovation has always been at the core of our company, and now we are better positioned to design open, digital products for the athlete of tomorrow and become more proactive in providing solutions that will help people across the world lead healthier lifestyles."
"MapMyFitness has engaged and built a global community, making advanced training tools more accessible through our web and mobile platforms,” said Robin Thurston, MapMyFitness co-founder and CEO. “The combination of Under Armour's powerful commitment to athletes and innovation and our connected fitness technology allows us to better serve the needs of athletes around the world."
As a wholly-owned subsidiary of Under Armour, MapMyFitness will continue to operate out of its headquarters in Austin, Texas.
The deal is expected to close by the end of 2013 and the company's previously provided 2013 guidance and preliminary 2014 outlook remain unchanged.
Under Armour was advised by the investment banking advisory firm Peter J. Solomon Company and the law firm King & Spalding LLP. MapMyFitness was advised by the investment firm Allen & Company and the law firm Wilson Sonsini Goodrich Rosati, Professional Corporation.