Reginal Thomas
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Adidas Buys Fitness Tracking App Maker Runtastic

Adidas AG has acquired Runtastic, a fitness tracking app maker, giving it access to over 70 million active users and gaining more market share over rivals in the connected wearables sector.

Adidas said the completed the purchase from majority owner Axel Springer SE, the company’s founders and an “angel” investor, valuing the firm at $239 million.

In 2012 Nike Inc. teamed with Apple Inc. on the Nike+ running program for the iPod and iPhone by launching the FuelBand. Adidas has been losing market share to Nike and launched its own miCoach fitness device in 2014.

While fast growing rival Under Armour Inc. overtook Adidas as the second largest sportswear maker in the United States earlier this year, bought diet and exercise app MyFitnessPal for $475 million.

Runtastic offers 20+ apps focused on endurance, health, and fitness activities in 18 languages.