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Garmin acquires MYLAPS, a leading sports timing company

1. Garmin acquired MYLAPS, enhancing sports timing and tracking solutions. 2. MYLAPS serves global markets, improving race management technology. 3. The acquisition aims to elevate performance-focused training experiences. 4. MYLAPS has over 200 employees and holds a strong market position. 5. Financial details of the acquisition were not disclosed.

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Why Bullish?

This acquisition aligns with Garmin's expansion in sports technology, enhancing its competitive edge. Historical examples, like Fitbit's acquisition by Google, show market positivity toward such strategic expansions.

How important is it?

The acquisition will likely enhance Garmin's product portfolio and market share in sports, indicating strong future growth potential.

Why Long Term?

Given the evolving landscape of wearable technology, Garmin could see long-term growth similar to the outcomes of software integrations in health optimization.

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Acquisition adds performance tracking and race management solutions , /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 KlausGarmin International, Inc.913-397-8200[email protected] SOURCE Garmin Ltd. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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