Thursday, November 14, 2013
MapMyFitness Acquired By Under Armour For $150M
Austin-based MapMyFitness, the provider of software and applications used for tracking sports such as running and bicycling, has been acquired by fitness brand Under Armour. Under Armour said it will pay $150M for MapMyFitness, to help add new digital products and platforms to the company. Under Armour is better known for its athletics footwear, clothing, and accessories. The acquisition is a huge win for Austin Ventures and Milestone Venture Partners, along with strategic investors Competitor Group, Inc. and The Running Specialty Group, LLC., who invested only around a total of $14M in the company in two rounds. The acquisition looks to be driven by a move by the athletics apparel and footwear industry towards "quantified health" and electronics-driven sports products, in part because of the popularity of Nike's Fuel products. Nike is a big competitor to Under Armour.