Under Armour bulks up on a digital fitness platform

Under Armour

Under Armour announced Thursday it is acquiring MapMyFitness in a $150 million deal to take over the digital fitness tracking platform that has more than 20 million registered users.

MapMyFitness is an open platform that integrates more than 400 fitness tracking devices, sensors and wearables, Under Armour said in a statement.

Utilizing GPS and other advanced technologies, MapMyFitness provides users with the ability to map, record, and share their workouts.

Under Armour CEO: We're more than apparel, constantly evolving
Under Armour CEO: We're more than apparel, constantly evolving

"This partnership is about Under Armour enhancing our digital expertise to drive the future of performance innovation for the global athlete community," said Kevin Plank, founder and CEO of Under Armour.

"Now we are better positioned to design open, digital products for the athlete of tomorrow and become more proactive in providing solutions that will help people across the world lead healthier lifestyles."

(Read more: Is Under Armour Ready to Take Nike Head On?)

Baltimore-based Under Armour, which markets sports footwear, apparel and accessories, said it intends to initially finance the deal with cash and credit. The deal is expected to close by January.