Under Armour Announces Acquisition of MapMyFitness
words // Brandon Richard
via Press Release
Today, Under Armour announced the acquisition of MayMyFitness, the fitness technology company powering one of the world's largest digital fitness communities.
Reaching over 20 million registered users, MapMyFitness is an open platform that seamlessly integrates more than 400 fitness tracking devices, sensors and wearables.
The move allows Under Armour to stay at the forefront of sports and technology and continue to deliver game-changing solutions to how athletes train and perform. Under Armour will also be adding depth to its digital capability, providing athletes with an elevated digital training experience. Earlier this year, the brand launched its own performance monitor — Armour39.
MapMyFitness has one of the world's largest connected fitness communities, offering a variety of websites and mobile apps under its flagship brands — MapMyRun and MapMyRide. Though GPS, MapMyFitness provides users with the ability to map, record and share workout results.
“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 over 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.”
Robin Thurston, MapMyFitness Co-Founder and CEO said, “MapMyFitness has engaged and built a global community, making advanced training tools more accessible through our web and mobile platforms. 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 Austin, Texas headquarters.
Under Armour intends to initially finance the $150 million acquisition of MapMyFitness 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. 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.