This will leave the segment with the MapMyFitness platform, including MapMyRun and MapMyRide. Management had also declared plans to discontinue the Endomondo platform's operations by the end of 2020. The segment also houses the MapMyFitness and Endomondo platforms. The platform used to report under Under Armour's Connected Fitness segment. We note that MyFitnessPal supports nearly 200 million users in their health and fitness journey. Under Armour remains keen on actively optimizing its business and prioritizing assets so that it can effectively focus on its target consumer - the Focused Performer. This also provides the company investment flexibility to achieve higher returns and boost shareholders’ value in the long run. Management had earlier cited that the divestiture announcement helps the company lower the complexity of the consumer's brand journey and focus on long-term digital strategy. The transaction value is inclusive of the achievement of potential earn-out payments, while the deal’s debt financing was provided by MidCap Financial. In October 2020, it had agreed to sell the MyFitnessPal platform at $345 million.
Recently, it completed the divestiture of its MyFitnessPal platform to Francisco Partners. The company remains focused on strengthening its brand through enhanced customer connections, effective innovation and strict go-to-market process. UAA is progressing well with its transformation plan.
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