Under Armour is about to promote the MyFitnessPal platform to Francisco Companions for about $345 million, the corporate introduced Friday.
Underneath Armour purchased MyFitnessPal in 2015 for about $475 million.
“As a part of our ongoing transformation, we’re dedicated to actively managing our enterprise to make sure that our methods and belongings are prioritized to attach much more deeply with our goal shopper – the Targeted Performer,” stated Patrik Frisk, Underneath Armour’s president and CEO. “This announcement reduces the complexity of our shopper’s model journey by empowering sharper alignment with our long-term digital technique as we work in direction of a singular, cohesive UA ecosystem. Moreover, it affords us funding flexibility to drive higher return and worth to our shareholders over the long-run.”
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Christine Wang, principal at Francisco Companions, lauded the deal.
“MyFitnessPal helps over 200 million customers of their ongoing well being and health journeys and we’re excited to associate with the enterprise for its subsequent stage as a standalone firm to proceed a powerful historical past of recurring income development, natural consumer acquisition and a novel shopper proposition,” she stated.
The transaction is predicted to be accomplished on the finish of the fourth quarter of 2020.
MyFitnessPal was based in 2005. Customers can use the app to trace health objectives and join with Fb associates to assist reduce weight.
The app was additionally the topic of an information breach in 2018 when 150 million accounts have been compromised. No bank card numbers or social safety numbers have been stolen. Customers on the time have been required to alter their passwords.