Digital publisher Axel Springer exited Austria-based fitness data app provider Runtastic yesterday when it was acquired by apparel producer Adidas for €220m ($239m).
Founded in 2009, Runtastic has built a suite of fitness and tracking apps for runners and cyclists, and wearable products including fitness trackers and heart monitors. It has accumulated 70 million registered users and its apps have been downloaded over 140 million times.
Runtastic will continue to operate from its Austria and San Francisco offices post-acquisition.
Austrian businessman Hansi Hansmann provided an undisclosed amount of funding for Runtastic before Axel Springer paid an undisclosed sum for a 50.1% stake in the company in 2013.
Runtastic CEO and co-founder Florian Gschwandtner said in a blog post yesterday: “With Adidas Group as our trusted counterpart (and one of the most successful and most comprehensive sports companies in the world) there’s nothing we won’t be able to do when it comes to health and fitness offerings.
“Both companies firmly believe that together we can build a unique product portfolio and unparalleled customer journey for our existing community members and future users.”