Baltimore-based Under Armour (NYSE:UAA), the high-tech sportswear company, is going even higher tech this week.
On Thursday, Under Armour announced that it has agreed to acquire fitness technology company MapMyFitness for $150 million in cash, in a deal to be paid in part by drawings on UA's revolving bank credit facility.
MapMyFitness is a software-based "open platform" that integrates data generated by upward of 400 different kinds of fitness tracking devices, sensors, and other wearable devices, helping athletes keep track of their performance during exercise. The company's marquee products are called MapMyRun and MapMyRide, applications that enable runners and bicyclists to set and track their exercise routes and share them with friends on Facebook. Currently, 20 million users have registered to use MapMyFitness's products.
In acquiring MapMyFitness, Under Armour said it hopes to "add depth to its digital capability, offering athletes an elevated training experience through new digital products and platforms."
Under Armour expects the deal to close before the end of this year, and noted that it will not affect previously issued earnings guidances for either 2013 or 2014.