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Adidas buys fitness app maker Runtastic for $239 million

Runtastic, makers of one of the most popular fitness-focused apps on Apple's App Store, announced on Wednesday that they have been acquired by athletic apparel company Adidas for a reported $239 million.

"Joining the adidas Group makes me proud and happy at the same time," Runtastic CEO and cofounder Florian Gschwandtner wrote in a blog post announcing the deal. "I'm insanely proud of the entire Runtastic team - which worked incredibly hard to make Runtastic a global success (and we're just getting started). There are so many more ideas, products and optimizations we're working on and we don't plan on stopping anytime soon."

Each of Runtastic's four cofounders will stay on following the sale, and will continue to run Runtastic as a separate entity under Adidas's corporate umbrella.

"This investment will add considerable value on our journey to deliver new world-class sports experiences," Adidas Group CEO Herbert Hainer added. "In addition, it offers the opportunity to grow a highly engaged athlete user base and leverage the power of our broad product portfolio."

Austria-based Runtastic has been a runaway success on the App Store, racking up more than 140 million downloads for its apps and counting over 70 million registered users. In addition to the flagship Runtastic app, the company offers more than 20 other fitness-related apps including a heart rate monitor and the Runtastic Butt Trainer.