Australian fitness app company Runtastic announced Wednesday that sports apparel giant Adidas has purchased it for $240 million.
Runtastic, founded in 2009, has about 70 million registered users and more than 20 fitness, health, and endurance apps, as well as fitness tracking devices, according to TechCrunch.
The German company’s purchase of Runtastic comes on the heels of other sportswear brands expanding into digital fitness. Under Armour, which surpassed Adidas last year to become the second-largest sports brand in the United States, recently invested $710 million into its Connected Fitness platform that includes MapMyFitness, Endomondo, and MyFitnessPal.
“Digital technologies are providing new capabilities and insights to help athletes of all levels take control of their sporting destiny—whether improving their performance, sharing their experiences, or creating their own great social moments of sport,” Herbert Hainer, CEO of Adidas, said in a press release on Wednesday.