Under Armour will sell MyFitnessPal digital platform to venture capital firm Francisco Partners for $345 million in a deal assumed to conclude during the current quarter, as per the report. The sportswear brand also intends to discontinue Endomondo social fitness network services’ operations at the end of this year.

MyFitnessPal and Endomondo are presently part of Under Armour’s related fitness section, that also serves the MapMyFitness platform to keep a record of workouts and training. Under Armour intends to maintain operating MapMyFitness, whose GPS tracking apps involve MapMyRide, MapMyRun, and its associated footwear business.

Francisco Partners will operate MyFitnessPal, which boasts more than 200 million users across the world, as a standalone company. According to the report, the company proposed more than $24 billion and invested in more than 300 technology firms during its more than 20-year history.

Under Armour’s sale of MyFitnessPal and the indeterminate shutdown of Endomondo mark its departure from the fitness app category. Its shutdown will get more competitive as Apple following this year launches its Fitness+ service that will be united with the Apple Watch.

Meanwhile, Nike’s sportswear continues to observe fortune with account usage for its Nike Training Club and Nike Run Club apps, supporting its digital commerce extension.

Disclaimer:

The information contained in this article is for educational and informational purposes only and is not intended as a health advice. We would ask you to consult a qualified professional or medical expert to gain additional knowledge before you choose to consume any product or perform any exercise.

Paayel
Author

Paayel is a correspondent at Sportz Business Magazine and pursuing Journalism from Lady Shri Ram college. She is an aspiring and passionate journalist, who is on her way to gain more knowledge and wisdom.

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