Sports apparel and gear brand Under Armour has acquired fitness technology company MapMyFitness for $150 million. The deal is expected to close by the end of 2013. MapMyFitness will continue to operate out of its headquarters in Austin, Texas, as a wholly-owned subsidiary of Under Armour.
Kevin Plank (Founder and CEO, 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.
Under Armour was advised by the investment banking advisory firm, Peter J. Solomon and the law firm King & Spalding. MapMyFitness was advised by the investment firm, Allen & Company and the law firm Wilson Sonsini Goodrich Rosati.
[Image courtesy: MapMyFitness]