Under Armour Buys Sports App Company Endomondo
COPENHAGEN, Denmark – US multi-billion sports apparel maker Under Armour has taken over Danish Endomondo; a company that is based on an app that allow users to track their workouts and challenge friends such as with cycling, running and swimming.
Under Armour bought Endomondo for 575 million Danish kroner (USD 85 million). In 2007 the Danish app maker was founded by Mette Lykke, Christian Birk, and Jakob Joenck. Currently the app has over 20 million registered users
Most successful Danish start-ups
CEO and founder Mette Lykke said in connection to the sale, “Endomondo has helped so many people to discover the joy of exercise, and as part of Under Armour we can reach out to even more people worldwide.” Mette Lykke can, at the age of 34, write on her business card that she has been behind one of the most successful Danish start-ups in recent years. The company will still be named Endomondo with a focus on making exercise fun, and the team of 25 will continue to be based in Copenhagen.
Buyer got Endomondo cheap
The buyer Under Armour, is a leading company in sports clothing and footwear, and had a turnover of 2.3 billion USD in 2013. Compared to other big IT investments the buyer got Endomondo cheap at a prize of DKK 22 (2.95 euro) per user.
Under Armour and Endomondo are aiming on offering their users an expanded set of apps and features within the “Under Armour’s suite of Connected Fitness apps”. MyFitnessPal – the leader in calorie and diet tracking – is also to join this Fitness Suite of Apps.