Adidas Group announced that adidas AG has acquired all outstanding shares of runtastic GmbH at an enterprise value of EURO 220 million.
Axel Springer Digital Ventures GmbH (subsidiary of Axel Springer SE) was holding 50.1% ownership of runtastic GmbH. Other main shareholders were Dr. Johann Hansmann (Austrian business angel) and company founders Florian Gschwandtner, Alfred Luger, René Giretzlehner and Christian Kaar.
Runtastic was founded in the year 2009 and headquartered in Pasching near Linz, Austria. Runtastic is a global player in the health and fitness app market.
Through its app, users can track and monitors runs, jogs, bike rides, and walking. It uses GPS to map users time spent, distance covered, pace, elevation change, and calories in real time.
As per Adidas, Runtastic is Available in 18 languages, downloaded by 140 million and used by 70 million registered users.
Post acquisition, company founders Florian Gschwandtner, Alfred Luger, René Giretzlehner and Christian Kaar will continue to run Runtastic within the adidas Group. Runtastic will remain its own entity (within the adidas Group) and continue to operate from current offices in Linz, Austria, Vienna and San Francisco.
HERBERT HAINER, CEO OF THE ADIDAS GROUP, said, Digital technologies are providing new capabilities and insights to help athletes of all levels take control of their sporting destiny – whether improving their performance, sharing their experiences, or creating their own great social moments of sport.
FLORIAN GSCHWANDTNER, RUNTASTIC CEO AND CO-FOUNDER, said, “adidas is the perfect strategic partner for Runtastic and we are very eager to leverage our business in new and unique ways in the future.”