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Under Armour spends $150M to buy MapMyFitness

MapMyFitness gives Under Armour access to 20 million connected users and a digital platform

Financial trends and news by Steven Loeb
November 14, 2013
Short URL: http://vator.tv/n/3339

Wearable fitness trackers, like those from Nike, with its FuelBand wrist-bands, FitBit and Jawbone, are all the rage these days. I know that I would use one, if I ever, you know, decided to exercise again. Those companies best better watch their back now, though, as there is now there is going to be a new player in town.

Performance apparel maker Under Armour has acquired online and mobile health platform MapMyFitness, it was announced on Thursday. Under Armour spent $150 million on the company, and it expects to close the deal by the end of the year. 

Through the acquisition, Under Armour says that it will create "new digital products and platforms." That, presumably, means a wearable band, much like the FuelBand or Jawbone UP, which will help its customers better track their fitness regimens. 

“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, said in a statement.

"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.”

Under Armour had previously tried to break into the wearable device space with a few devices, such as the Armour39 chest strap and the Armour39 watch, but what those pieces of equipment did not have was the digital capabilities, nor the community that MapMyFitness brings. 

It's easy to see why Under Armour would look to MapMyFitness to break into the digital and tracking space. MapMyFitness says it "has one of the largest connected fitness communities in the world." It has over 20 million registered users and integrates with over 400 devices.

The Austin-based MapMyFitness is an online and mobile platform that helps its users plan workout activities, measure their fitness and track their progress both in real-time and over time, and then share their results with friends. 

The company powers a community of fitness-oriented websites like MapMyRUN.com, MapMyRIDE.com, MapMyWALK.com, which let users to track and store their running, cycling, walking, and hiking activity, as well as access a database of international routes, fitness calculators, nutrition tracking, events, and other listings.

By coming together, will be able to build "the most technologically advanced platform for Connected Fitness in the world," Robin Thurston, MapMyFitness Co-founder and CEO, said in a blog post on Thursday

"Under Armour and MapMyFitness share many common goals," Thurston, wrote, "and at the heart of this new relationship is a desire to help make all athletes better through passion, design and innovation."

"Additionally, we share an open approach: we want to give our customers and members control over their experience and their data, and the freedom to choose which devices, smartphones, and products to use in their connected fitness journey."

Founded in 2005, the company has raised a total of $23.5 million in funding. That includes a $5 million Series A led by Austin Ventures in 2010,  and $9 million in Series B financing from Austin Ventures, Milestone Venture Partners, Competitor Group, The Running Company, and The Finish Line in 2012.

Nike has already broken into the wearable fitness space, as has Adidas. This is a hot space right now, and it will be interesting to see which other sports apparel manufacturers try to get in on it.

(Image source: http://about.mapmyfitness.com)


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