Adidas Acquires Fitness App Runtastic

Global athletic footwear-and-apparel company, Adidas has announced that it has acquired Austrian-based health and fitness apps and hardware company, Runtastic at an enterprise value of $220m dollars.

Runtastic has spent the last few years creating fitness apps for a number of activities including running, mountain biking, push-ups, sit-ups, and tracking sleep.

The company has also started making hardware, including the Runtastic GPS watch, a heart rate monitor, and last summer the company released a fitness tracker called Orbit.

Commenting on the investment, Herbert Hainer, CEO of the adidas Group said: “Digital technologies are providing new capabilities and insights to help athletes of all levels take control of their sporting destiny – whether improving their performance, sharing their experiences, or creating their own great social moments of sport.

“This investment will add considerable value on our journey to deliver new world-class sports experiences. In addition, it offers the opportunity to grow a highly engaged athlete user base and leverage the power of our broad product portfolio. Therefore, I am very happy to welcome Runtastic’s passionate employees and their 70 million active athletes and sports lovers to the Adidas Group family.”