BizSugar.com › Startups › Adidas Acquires Runtastic, A Mobile Fitness Company, For $239 Million- Ventury Capital

European fitness startup, Runtastic, has been acquired by sporting giant Adidas in a deal worth $239 million.

Chief executive of Adidas, Herbert Hainer, knows this purchase will give Adidas what they need in order to compete with rival companies like Under Armour and Nike which have had success with similar ventures like the FuelBand activity tracker. In a statement he said,

“This investment will add considerable value on our journey to deliver new world class sports experiences. In addition, it offers the opportunity to grow to a highly engaged athlete user base and leverage the power of our broad product portfolio.”

This seems like a smart move on Adidas’s part; the global market for wearable devices is expected to grow to 72.1 million units this year from 26.4 million in 2014.