Adidas has acquired fitness tracking app maker Runtastic, giving it access to a community of 70 million active users and helping it catch rivals in connected wearables. The German group said on Wednesday it had completed the acquisition from majority owner Axel Springer SE, along with the company's founders and an "angel" investor, in a deal valuing the Austrian company at 220 million euros ($239 million).

Rival Nike was a pioneer in fitness tracking, teaming up with Apple on the Nike+ running program for the iPod and iPhone and launching the FuelBand in 2012.

Adidas has been losing market share in sporting goods to its bigger U.S. rival and launched its own miCoach fitness device only last year.

Adidas said Runtastic offers over 20 apps covering a variety of endurance, health and fitness activities in 18 languages.