BALTIMORE, MD (BRAIN) — Sports clothing brand Under Armour has paid $150 million for MapMyFitness, the digital fitness mapping company that claims to have more than 20 million registered users.
MapMyFitness also operates MapMyRun and MapMyRide. The company's sites allow athletes to map, record and share their workouts.
"Innovation has always been at the core of our company, and now we are better positioned to design open, digital products for the athlete of tomorrow and become more proactive in providing solutions that will help people across the world lead healthier lifestyles," said Kevin Plank, the founder and CEO of Under Armour.
MapMyFitness co-founder and CEO Robin Thurston, said, "The combination of Under Armour's powerful commitment to athletes and innovation and our connected fitness technology allows us to better serve the needs of athletes around the world."
MapMyFitness will continue to operate out of its headquarters in Austin, Texas.
Under Armour said it intends to initially finance the acquisition with borrowings under its existing revolving credit facility, cash on hand or a combination, while it evaluates longer-term funding options. The deal is expected to close by the end of 2013.
Under Armour is traded on the New York Stock Exchange under the UA symbol.
