Launched in 2005, MapMyFitness has become a veteran of the online health and fitness space, having built a suite of websites and apps (like MapMyRUN.com, MapMyRIDE.com, MapMyWALK.com, et al) that allow fitness novices and enthusiasts alike to track and store their running, cycling, walking and hiking activity. Over the years, the startup has endeavored to round out its growing fitness platform with a bevy of complementary services like route planning, nutrition tracking, fitness calculators, event planning and by integrating with over 400 trackers, devices and wearables.
All in all the startup has continued on pace - in spite losing CEO Richard Jalichandra, who stepped down last year - but, today, nearly eight years from when it first emerged, the startup is pulling the rip cord. Under Armour, the sports apparel and accessories giant, announced today that it will be acquiring MapMyFitness in a deal worth up to $150 million.
In a statement this morning, Under Armour said that the acquisition comes as part of its effort to add depth to the digital side of its business and that MapMyFitness will become the foundation of a new, digital training experience and platform to be built in the coming months. In addition, while Under Armour currently has an $8.7 billion market cap, it paid tribute to the fact that MapMyFitness had been able to build one of the “largest connected fitness communities” out there, which will give the apparel company access to GPS and “other advanced technologies.”
Under Armour said that it will finance the deal with “borrowings under its existing revolving credit facility, cash on hand or a combination thereof, while it evaluates longer-term funding options for the transaction.” As part of a deal that is expected to close by the end of the year, MapMyFitness will continue to operate out of its headquarters in Austin.
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