Under Armour is set to sell the MyFitnessPal platform to Francisco Partners for about $345 million, the company announced Friday.
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Under Armour bought MyFitnessPal in 2015 for about $475 million.
“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 Patrik Frisk, Under Armour’s president and CEO. “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.”
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Christine Wang, principal at Francisco Partners, lauded the deal.
“MyFitnessPal supports over 200 million users in their ongoing health and fitness journeys and we are excited to partner with the business for its next stage as a standalone company to continue a strong history of recurring revenue growth, organic user acquisition and a unique consumer proposition,” she said.
The transaction is expected to be completed at the end of the fourth quarter of 2020.
MyFitnessPal was founded in 2005. Users can use the app to track fitness goals and connect with Facebook friends to help lose weight.
The app was also the subject of a data breach in 2018 when 150 million accounts were compromised. No credit card numbers or social security numbers were stolen. Users at the time were required to change their passwords.