Under Armour, the sportswear company, will be selling its MyFitnessPal app to Francisco Partners, a venture capital firm, for a total $345 million.
The app boasts some 200 million users globally. It has raised $24 billion to date.
The deal should close in Q4 2020.
“As part of our ongoing transformation, we are committed to actively managing our business to ensure that our strategies and assets are prioritized to connect even more deeply with our target consumer – the Focused Performer,” said Under Armour President and CEO Patrik Frisk.
“This announcement reduces the complexity of our consumer’s brand journey by empowering sharper alignment with our long-term digital strategy as we work towards a singular, cohesive UA ecosystem. Additionally, it affords us investment flexibility to drive greater return and value to our shareholders over the long-run.”
The brand will no longer operate its Endomondo social fitness network operations by the end of the year.
But Under Armour will continue to operate MapMyFitness which includes GPS tracking apps like MapMyRun and MapMyRide.