Adidas acquires mobile fitness company Runtastic, CEO says

PanARMENIAN.Net - Adidas has bought Runtastic, the fitness-app-making company's CEO Florian Gschwandtner announced in a blog post, The Verge reports.

The deal reportedly values Runtastic at around $239 million dollars.

"We already have a lot of knowledge when it comes to apps and digital technology. And 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," Gschwandtner said, according to The Verge.

Runtastic has spent the last few years making a suite of fitness apps for all sorts of activities like running, mountain biking, push-ups, sit-ups, and tracking sleep. The company also started making hardware; there's a Runtastic GPS watch, a heart rate monitor, and last summer the company released a fitness tracker called Orbit.

Runtastic "will remain its own entity" within Adidas, according to Gschwandtner's post. He also says that progress on a new app, which the company is supposed to deliver by the end of the year, won't be affected.