Under Armour Inc. (NYSE: UA) has acquired fitness technology company MapMyFitness Inc. for $150 million.
Austin, Texas-based MapMyFitness operates under the MapMyRun and MapMyRide brands. The company uses technology to provide users with the ability to map, record and share their workouts through websites and mobile applications.
Under Armour, headquartered in Baltimore, develops footwear, apparel and accessories for athletes. The acquisition should allow the company to be better positioned to create digital products for athletes, according to a statement. MapMyFitness will operate as a subsidiary of Under Armour.
The company will finance the deal with borrowings under its revolving credit facility and cash on hand.
Peter J. Solomon Co. was Under Armour’s financial adviser on the deal. King & Spalding LLP was the company’s legal counsel. Allen & Co. acted as MapMyFitness’ financial adviser, while Wilson Sonsini Goodrich Rosati PC provided legal advice.