Sportswear firm Under Armour has acquired Mapmyfitness, which runs a leading digital fitness community through websites and apps, for $150 million.
Mapmyfitness has over 20 million registered users and is integrated with more than 400 fitness tracking devices, sensors and wearables. By using GPS, it enables athletes to map, record and share their workouts.
The acquisition enables Under Armour to accelerate its own digital strategy. It intends to build on Mapmyfitness’ existing user base.
Under Armour said it will finance the deal with borrowing under its existing revolving credit facility, cash or a combination of the two, 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.