Adidas has been losing market share in sporting goods to its bigger U.S. rival and launched its own miCoach fitness device only previous year.
“We already have a lot of knowledge when it comes to apps and digital technology”, Gschwandtner says, “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”.
While Adidas does have a myriad of digital products including wearables, apps, and clothes, Nike perhaps has the more notable alignment in the Global Positioning System fitness tracking domain: Nike+. With high user satisfaction, an impressive pipeline of innovative concepts and relentless speed to market, momentum is expected to remain robust in the coming years.
The German multinational said that it has done with the acquisition process from majority owner Axel Springer, along with the company’s founders and an angel investor.
“This investment will add considerable value on our journey to deliver new world-class sports experiences”, Herbert Hainer, the chief executive of Adidas, said in a statement. Moreover, the app will also continue to operate from its current offices located in Linz, Austria, Vienna and San Francisco.
Adidas has bought Runtastic, a European mobile fitness startup. “Together, we will make exceptional and unexpected things happen”. The deal was signed and closed today. Allen & Company LLC is acting as financial advisor to Runtastic and Milbank Tweed Hadley & McCloy LLP and 42law are serving as legal counsel.