Adidas Acquires Mobile Fitness Startup Runtastic For $239mn

Adidas has acquired mobile fitness-tracking app startup Runtastic in a deal that is valued at $239 million.

Apart from its  fitness-tracking app, Runtastic also builds GPS watches, mounts for smartphones, and specialized apps for working out at home and improving your sleep, etc.

With the completion of the deal, Runtastic becomes a wholly owned Adidas company, although its employees will remain in the same offices across Australia and San Francisco.

The app will remain as is for the time being, but the team is promising big improvements will come in the future.

While Adidas does have a myriad of digital products, the deal will finally give it some substantial foothold in the digital fitness-tracking market in order to take on Nike+.