This kind of news is very rare, and the European startup ecosystem needs more of it! A large European company (Adidas) has acquired a European startup (Runtastic) for more than €200 million.
We’re talking about the Germany-based adidas Group which has just acquired the Austrian startup Runtastic, a Linz-based company for tracking fitness activities that was founded in 2009. According to TechCrunch, the acquisition deal values Runtastic at €220 million. Before the closing of today’s deal, the largest shareholder in Runtastic was Axel Springer; in the 4th quarter of 2013, the German media giant purchased 50.1% of the company.
Runtastic’s CEO and co-founder Florian Gschwandtner made the announcement just a few hours ago on the company blog: “With our new partner, we’ve found the perfect match when it comes to taking our business to the next level and ultimately serving our community members in even better and smarter ways. At Runtastic, we already have a lot of knowledge when it comes to apps and digital technology – and with adidas Group as our trusted counterpart (and one of the most successful and most comprehensive sports companies in the world) there’s nothing we won’t be able to do when it comes to health & fitness offerings.”
He continued: “Runtastic will remain its own entity (within the adidas Group) and continue to operate from our current offices in here in Linz, Austria, Vienna and San Francisco. We will continue deliver further optimizations, unique content and a highly-anticipated new app by the end of the year.”
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!
