US-based Garmin announced that it has acquired MYLAPS, a Dutch provider of timing, tracking, and performance analysis tools for sports competitions.
However, the financial terms of the acquisition were not disclosed.
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Based out of Haarlem, MYLAPS specialises in technology solutions for running, cycling, motor sports, and equine competitions.
The company employs over 200 full-time associates globally with operations across North America, Europe, Asia, and Australia.
This acquisition comes as Garmin demonstrates strong operational performance, with revenue growth of 18.1 per cent in the last twelve months, reports Investing.com.
MYLAPS acquisition
The acquisition strengthens Garmin’s lineup by incorporating MYLAPS’ expertise in timing and race management. In turn, it strengthens Garmin’s position in performance tracking technology, particularly for competitive sports events and race management.
Since 1982, MYLAPS has been at the forefront of developing automatic sports timing technology.
“Since 1982, MYLAPS has been a global leader in sports technology, inventing automatic sports timing and revolutionising how athletes, racers, and events measure performance. We are excited to team up with Garmin to bring unparalleled training, timing, and event management solutions to its extensive global community of performance-minded customers,” states Camiel Slaats, MYLAPS Managing Director.
Founded in 1989, Garmin designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
“We are excited to bring MYLAPS and their trusted timing technologies into the Garmin family and believe the combination will transform the competitive experience for our passionate customers. Toreceiveher, we view forward to setting a new standard for performance-focutilized training and race-day technology,” states Brad Trenkle, Garmin Co-Chief Operating Officer.
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