Garmin signs purchase agreement to acquire Tacx

Garmin has announced that one of its affiliates has signed a definitive agreement to acquire all of the outstanding shares of Tacx.

The completion of this acquisition is subject to customary regulatory approvals and closing conditions.

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

With more than five decades of experience, Tacx is known for its line of indoor smart trainers, including the Neo 2 and the Neo bike, that measures speed, power and cadence.

The smart trainers connect wirelessly to 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 more.

Koos Tacx, CEO of Tacx, said: “We are excited to have the support of a technology leader like Garmin. 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 is headquartered in Wassenaar, Netherlands with a distribution centre in Vogt, Germany. It is currently undergoing a capital investment project to expand its R&D and production capacity. The company employs nearly 200 associates, who will become part of the global Garmin team.

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