The popular sports apparel brand Under Armour today announced their acquisition of MapMyFitness, a fitness technology company. Heralded as one of the world’s largest digital fitness communities, MapMyFitness will help Under Armour position themselves at the forefront of sports and technology.
MapMyfitness will become a wholly-owned subsidiary of Under Armour, but they will continue to operate out of their headquarters in Austin, Texas. Valued at $150 million, the deal is expected to close by the end of 2013.
Under Armour seeks to add depth to its digital capability, offering athletes an elevated training experience through new digital products and platforms. To that end, MapMyFitness offers athletes the ability to map, record, and share their workouts throughout the community.
“We will build on the community of over 20 million registered users that MapMyFitness has cultivated in the connected fitness space,” says Kevin Plank, founder and CEO of Under Armour. “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.”
During the deal, Under Armour received its advice from investment banking advisory firm Peter J. Solomon Company with the joint help of King & Spalding law firm. MapMyFitness was advised by Allen & Company and supported by the law firm Wilson Sonsini Goodrich Rosati, Professional Corporation.
“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,” says Robin Thurston, co-founder and CEO of MapMyFitness.