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Garmin agrees to acquire Tacx

Published February 12, 2019

SCHAFFHAUSEN, Switzerland (BRAIN) — Garmin Ltd. announced Tuesday that it has reached a deal to acquire Dutch indoor smart trainer company Tacx. The deal is expected to close during the second quarter of 2019. The terms of the deal will not be disclosed, Garmin stated.

"Tacx brings an entirely new product category to Garmin's fitness portfolio that expands our reach into the indoor training market," said Cliff Pemble, Garmin president and CEO. "Together with Tacx, Garmin will offer a seamless, enjoyable and motivating indoor and outdoor experience for cyclists all year long."

Tacx is based in Wassenaar, Netherlands, with a distribution center in Vogt, Germany. The company employs nearly 200. Those employees will become part of the global Garmin team. To further leverage the growing market for indoor bike trainers, Tacx is undergoing a capital investment project to expand its R&D and production capacity, Garmin stated.

"We are excited to have the support of a technology leader like Garmin," said Koos Tacx, CEO of Tacx. "With Garmin's extensive R&D capabilities and global distribution network, we look forward to working together to further enhance our indoor training products and technologies, and bring them to cyclists around the world."

Tacx's line of smart trainers includes the NEO 2 and NEO Bike, which measure speed, power and cadence. Tacx smart trainers connect wirelessly to training apps as well as Tacx's own software/training app offering training plans, data analysis, video of scenery around the globe, and live opponents.

Topics associated with this article: Mergers, Acquisitions & Investments

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