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Adidas purchases Runtastic for $239 million
Sports giant Adidas has just announced its acquisition of Runtastic, an Austrian GPS fitness tracking company with a popular app by the name name. The deal is worth €220 million ($239 million) and will see Adidas grab a big share of the GPS fitness tracking app market.
Adidas already has a range of wearables, apps and clothes for this market, but Runtastic’s extra hardware, apps and huge install base, which is somewhere around the 70 million mark, could help the company gain a competitive edge. Currently, Nike is probably the most notable big sports brand in the fitness tracking market, with smaller companies like FitBit also making up a significant portion.
“Both companies firmly believe that together we can build a unique product portfolio and unparalleled customer journey for our existing community members and future users,” – Florian Gschwandtner, Runtastic CEO
Runtastic is best known for its GPS fitness track app, which contains a range of features, from map tracking, a workout diary, voice coach and a load of statistics to track your progress. The company has launched a GPS watch with a built in heart rate monitor and has also developed some more niche products, including smartphone mounts for bikes and a sleep tracking app.
For Runtastic’s existing app users, the company states that its app will remain under the old brand name and that it will operate as a separate entity from within the group. Further updates and improvements are apparently on the way in the future, and the current staff will be retaining their existing positions to keep working on existing and new ideas.