Adidas has jumped into the fitness app arms race with the acquisition of Runtastic for $240 million.
The deal, announced on Wednesday, will allow Adidas to quickly catch up with one of the fastest growing trends in fitness and athletics. Fitness software have been among the fastest growing segments of the app market, and athletics companies have been rushing to jump in. One study projects the fitness app market to be worth $26 billion by 2017.
[seealso slug=http://sale-online.click/2014/07/31/runtastic-orbit-wearable/%5D%3C/p%3E%3Cp%3E"This investment will add considerable value on our journey to deliver new world-class sports experiences," Adidas Group CEO Herbert Hainer said in a release.
Software that tracks activity has become a necessity for modern athletic wear companies as users look to integrate their workouts with advanced technology that can provide a fuller picture of a person's fitness. In February, Under Armour bought MyFitnessPal for $475 million. Nike also has its own
Runstatic was founded in 2009 in Austria and quickly become one of the most popular fitness apps, serving about 70 million registered users. Its CEO and co-founder Florian Gschwandtner said the app maker will remain intact within the Adidas Group.