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Wednesday, February 4, 2015

Under Armour buys mobile fitness apps for $560 mln, (NYSE: UA)

Under Armour Inc, which provides sports clothing and accessories, has acquired two mobile apps for about $560 million, moving deeper into the trendy "connected fitness" and wearable devices sphere.The company said it would pay $475 million for MyFitnessPal, a free app for tracking food habits and caloric intake, and a further $85 million for Endomondo, a Danish firm which describes itself as "the personal trainer in your pocket."Under Armour, which on Wednesday reported a better-than-expected 37 percent increase in quarterly profit, has been growing its sales by integrating fitness tracking services with its sportswear.The company bought MapMyFitness, an app to virtually track fitness workouts, in 2013.

Under Armour, Inc. is engaged in the development, marketing and distribution of branded performance apparel, footwear and accessories for men, women and youth. Shares of UA traded higher by 1.02% or $0.74/share to $73.57. In the past year, the shares have traded as low as $45.05 and as high as $73.67. On average, 2089530 shares of UA exchange hands on a given day and today's volume is recorded at 4438352.