Adidas invests US$240mln in fitness app maker

The adidas Group has acquired all outstanding shares of Austria-based fitness app maker runtastic GmbH. The transaction values Runtastic at an enterprise value of US$240 million.

“This investment will add considerable value on our journey to deliver new world-class sports experiences," Herbert Hainer, CEO of adidas said.

"In addition, it offers the opportunity to grow a highly engaged athlete user base and leverage the power of our broad product portfolio."

The move extends Adidas' investments in wearables and digital platforms after the company earlier acquired smart clothing business Textronics, in addition to fitting out its trainers and apparel with near-field communications.

Founded in 2009 and headquartered in Pasching near Linz, Austria, Runtastic owns over over 20 apps covering a wide variety of endurance, health and fitness activities, and has more than 140 million downloads and around 70 million registered users, said the company. It is available in 18 languages.