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Garmin heading indoors with Tacx acquisition

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Garmin has announced that one of its affiliates has signed a definitive agreement to acquire all of the outstanding shares of Tacx. The acquisition places Garmin firmly in the indoor training space – a fast growing area boosted by the popularity of platforms such as Zwift, The Sufferfest and TrainerRoad, among others.

Garmin’s acquisition of Tacx also ramps up competition with rival Wahoo Fitness, which has built market share and distribution in the indoor space with its KICKR, KICK CLIMB and KICKR HEADWIND bike trainer devices. Going head to head with Garmin, Wahoo has also built a following for its outdoors products, such as its cycling computers – ELEMNT & ELEMNT BOLT.

Financial terms of the Garmin-Tacx acquisition were not released. The privately-held Dutch company (full name Tacx Onroerend en Roerend Goed B.V) designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications. The completion of this acquisition is subject to customary regulatory approvals and closing conditions.

With more than five decades of experience, Tacx is best known for its innovative line of indoor smart trainers. This includes the Tacx NEO 2 and the NEO Bike, which measure speed, power and cadence.

‘Offering a highly realistic and accurate ride simulation, Tacx trainers allow cyclists to experience lifelike conditions, no matter the weather.’ For the most interactive and immersive indoor experience, the Tacx smart trainers connect wirelessly to popular training apps to help cyclists get more from their workouts, as well as the Tacx software/training app that offers training plans, data analysis, films of scenery all over the globe, live opponents and much more.

“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.”

“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.”

A vertically-integrated company with in-house R&D and production, Tacx is headquartered in Wassenaar, Netherlands, with a distribution center in Vogt, Germany. The company employs nearly 200 associates, who will become part of the global Garmin team.

To further leverage the growing market for indoor bike trainers, Tacx is currently undergoing a capital investment project to expand its R&D and production capacity.

‘The completion of this acquisition, which is subject to customary conditions, is expected to occur in Q2 2019.’

www.garmin.com
tacx.com

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