Tuesday, November 24, 2020

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Under Armor is selling MyFitnessPal for $345 million

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MyFitnessPal app


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Under Armor may be rethinking its fitness app strategy. After purchasing MyFitnessPal for $475 million in 2015, the company announced today that it has started a “definitive agreement to sell the MyFitnessPal platform to Francisco Partners.” It’s also discontinuing the Endomondo personal trainer app it bought at the same time as MyFitnessPal for $85 million. According to the company, the sale announced today is valued at $345 million and is expected to close in the fourth quarter of 2020.

In a statement, Under Armor CEO Patrik Frisk said the move “reduces the complexity of our consumer’s brand journey by empowering sharper alignment with our long-term digital strategy as we work towards a singular, cohesive UA ecosystem.” Frisk added that it would give the company greater “investment flexibility.”

Endomondo’s services will cease at the end of this year, while the other fitness platform in Under Armor’s “Connected Fitness segment” MapMyFitness will remain with the company. “The MapMyFitness platform, which includes MapMyRun and MapMyRide, remains a crucial element of Under Armour’s digital strategy, as does its connected footwear business,” the company said.

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