Under Armour sells fitness app it bought in 2015

Fox Business Flash top headlines for October 29

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

Under Armour is set to sell the MyFitnessPal platform to Francisco Partners for about $345 million, the company announced Friday.

Continue Reading Below

Under Armour bought MyFitnessPal in 2015 for about $475 million.

HASBRO REVENUE BEATS ESTIMATES AS FAMILIES SPLURGE ON BOARD GAMES

“As part of our ongoing transformation, we are committed to actively managing our business to ensure that our strategies and assets are prioritized to connect even more deeply with our target consumer – the Focused Performer,” said Patrik Frisk, Under Armour’s president and CEO. “This announcement reduces the complexity of our consumer's brand journey by empowering sharper alignment with our long-term digital strategy as we work towards a singular, cohesive UA ecosystem. Additionally, it affords us investment flexibility to drive greater return and value to our shareholders over the long-run.”

TickerSecurityLastChangeChange %
UAAUNDER ARMOUR INC13.79+0.48+3.61%

Christine Wang, principal at Francisco Partners, lauded the deal.

ANT GROUP, BIGGEST IPO EVER, PLANS TO RAISE $34.5B

“MyFitnessPal supports over 200 million users in their ongoing health and fitness journeys and we are excited to partner with the business for its next stage as a standalone company to continue a strong history of recurring revenue growth, organic user acquisition and a unique consumer proposition,” she said.

The transaction is expected to be completed at the end of the fourth quarter of 2020.

MyFitnessPal was founded in 2005. Users can use the app to track fitness goals and connect with Facebook friends to help lose weight.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The app was also the subject of a data breach in 2018 when 150 million accounts were compromised. No credit card numbers or social security numbers were stolen. Users at the time were required to change their passwords.

Source: Read Full Article