Sports apparel company Under Armour purchases mobile app company MapMyFitness
Any sports fan is well aware of the sporting goods company Under Armour. Launched in 1996, the company was born on the shoulders of a T-shirt that was made out of moisture-wicking synthetic fabric. That grew to include undergarments for various seasons and become a pillar of football teams through 2003, when the company expanded to include all sports.
Today it was announced that the company has made its first-ever acquisition by spending $150 million to purchase digital fitness technology company MapMyFitness. With the growing possibility of wearable technology like Google Glass and the rumored iWatch, this could be Under Armour's way of breaking into the market.
According to Forbes, Under Armour attempted to break into the arena last year with the Armour39 chestband tracker that measures heart rate, calories and workout intensity. Although the device could sync with a smartphone, it lacked web-syncing and underperformed sales wise.
"I think it's a really interesting space," Under Armour founder Kevin Plank told the news source. "I remember being at the NFL Combine a few years ago and watching these scouts with their handheld stopwatches and thinking, 'there has to be a better way to do this.' MapMyFitness and Armour39 provide real data for athletes, coaches, trainers or just someone who has a goal of walking 10,000 steps a day."
MapMyFitness has 20 million registered users for its mobile applications and websites, including runners, walkers and cyclists.
With technology becoming a larger part of consumers everyday lives, companies in all sectors that are able to think outside the box could benefit from a technology acquisition to help take their brand to the next level