Garmin acquires MYLAPS, a leading sports timing company

Rhea-AI Summary

Garmin (NYSE: GRMN) has announced the acquisition of MYLAPS, a Dutch company specializing in sports timing and performance analysis technology. MYLAPS, founded in 1982 and headquartered in Haarlem, Netherlands, provides integrated timing, live tracking, and performance analysis solutions for running, cycling, motor sports, and equine competitions.

The acquisition brings over 200 full-time employees to Garmin and expands its presence across North America, Europe, Asia, and Australia. While financial terms were not disclosed, the strategic acquisition aims to enhance Garmin's performance-focused training and race-day technology offerings. MYLAPS serves elite brands and race management companies globally with data-driven technology solutions.

Positive

• Strategic expansion into sports timing and race management technology
• Access to MYLAPS' established global presence across multiple continents
• Addition of 200+ experienced employees in sports technology
• Complementary technology integration potential for performance tracking
• Expansion into new sports verticals including motor sports and equine competitions

Negative

• Financial terms not disclosed, creating uncertainty about acquisition cost and impact
• Integration challenges possible with 200+ employees across multiple global locations
• Potential operational complexities in managing diverse sports technology platforms

Insights

M&A Strategic Analyst

Garmin's MYLAPS acquisition strengthens its competitive sports ecosystem with elite timing technology, enhancing both consumer and event management offerings.

Garmin's acquisition of MYLAPS represents a strategic expansion of its performance analytics ecosystem. MYLAPS brings specialized expertise in automatic sports timing and performance tracking that complements Garmin's existing wearable technology portfolio. The Dutch company's solutions span multiple sports categories including running, cycling, motorsports, and equine competitions - all areas where Garmin already has established product lines.

This acquisition delivers three key strategic advantages. First, it vertically integrates race management capabilities into Garmin's ecosystem, allowing the company to offer end-to-end solutions from individual training to full event management. Second, it enhances Garmin's data analytics capabilities through MYLAPS' performance tracking tools, potentially creating more sophisticated metrics for athletes. Third, it strengthens Garmin's B2B offerings by adding MYLAPS' relationships with race management companies and elite sports brands.

With MYLAPS' 200+ employees and global presence across four continents, Garmin gains both technical expertise and established market channels in the competitive sports timing sector. The absence of disclosed financial terms suggests the acquisition size isn't material enough to require detailed reporting, though it could still represent significant strategic value. This move aligns with Garmin's strategy of targeted acquisitions that extend its technological capabilities rather than merely expanding market share in existing categories.

Acquisition adds performance tracking and race management solutions

SCHAFFHAUSEN, Switzerland, July 29, 2025 /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN) has acquired MYLAPS, a leading Dutch provider of integrated timing, live tracking and performance analysis tools that helps create the ultimate sports experience for millions of athletes and spectators. With operations in North America, Europe, Asia and Australia, MYLAPS supports elite brands and race management companies around the world with easy-to-use data-driven technology solutions for running, cycling, motor sports and equine competitions.

"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. Together, we look forward to setting a new standard for performance-focused training and race-day technology."
-Brad Trenkle, Garmin Co-Chief Operating Officer

"Since 1982, MYLAPS has been a global leader in sports technology, inventing automatic sports timing and revolutionizing 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." 
-Camiel Slaats, MYLAPS Managing Director

MYLAPS is headquartered in Haarlem, the Netherlands, and globally employs more than 200 full-time associates. Financial terms will not be disclosed.

Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor markets. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog. 

About Garmin 
Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 28, 2024, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983), and the Quarterly Report on Form 10-Q for the quarter ended March 29, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). Copies of such Form 10-K and Form 10-Q are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACT:
Krista Klaus
Garmin International, Inc.
913-397-8200
media.relations@garmin.com

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SOURCE Garmin Ltd.

FAQ

What company did Garmin (GRMN) acquire in July 2025?

Garmin acquired MYLAPS, a Dutch provider of sports timing and performance analysis technology, headquartered in Haarlem, Netherlands.

How many employees does MYLAPS bring to Garmin through the acquisition?

MYLAPS brings more than 200 full-time associates globally to Garmin through the acquisition.

What markets does MYLAPS serve in the sports timing industry?

MYLAPS provides timing and performance analysis solutions for running, cycling, motor sports, and equine competitions across North America, Europe, Asia, and Australia.

How will the MYLAPS acquisition benefit Garmin's business?

The acquisition will enhance Garmin's performance-focused training and race-day technology offerings, bringing advanced timing, live tracking, and performance analysis tools to its global customer base.

What is the financial value of Garmin's MYLAPS acquisition?

The financial terms of the acquisition were not disclosed in the announcement.