Wednesday, August 05, 2015

Adidas buys fitness app maker Runtastic for €220 million

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Written by G.Я     8/05/2015 07:21:00 pm  No comments

Adidas buys fitness app maker Runtastic for €220 million. The Adidas Group and Runtastic today announced that Adidas has acquired all outstanding shares of Runtastic. The transaction values Runtastic at an enterprise value of €220 (EUR) / $240 (USD) million.
Adidas buys fitness app maker Runtastic for €220 million
Adidas buys fitness app maker Runtastic for €220 million
Founded in 2009 and headquartered in Pasching near Linz, Austria, Runtastic has shown tremendous growth in a short period of time. With more than 140 million downloads and around 70 million registered users, Runtastic has a strong and unique industry position. Available in 18 languages, Runtastic is already one of the most diverse global players in the health and fitness app market, operating a multi-app strategy with over 20 apps covering a wide variety of endurance, health and fitness activities. Through a highly engaged and active user base, the company has already established solid revenue and earnings streams. 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.

With 50.1% ownership, Axel Springer SE through its subsidiary Axel Springer Digital Ventures GmbH was the major shareholder of Runtastic. Other main shareholders were Austrian business angel Dr. Johann Hansmann and company founders Florian Gschwandtner, Alfred Luger, René Giretzlehner and Christian Kaar who will continue to run Runtastic within the Adidas Group.

Signing and closing of the transaction have both taken place simultaneously, today. In connection with the transaction, Deutsche Bank is acting as financial advisor to the adidas Group, and Ashurst LLP and Schoenherr are serving as legal counsel. Allen & Company LLC is acting as financial advisor to Runtastic and Milbank Tweed Hadley & McCloy LLP and 42law are serving as legal counsel.

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