June 25, 2014 / 11:31 PM / in 5 years

Intel buys into New Zealand sports technology developer

An employee walks past an Intel logo during the 2014 Computex exhibition at the TWTC Nangang exhibition hall in Taipei June 3, 2014. REUTERS/Pichi Chuang

WELLINGTON (Reuters) - U.S. chipmaker and technology company Intel Corp said on Thursday it has invested in a New Zealand company producing software for use in sports and exercise sectors.

Intel Capital, the corporation’s investment arm, has bought into the privately owned Performance Lab Ltd, which has software for real-time exercise management and virtual coaching.

No financial details were disclosed.

“The sports, fitness, health and wellness sectors are fuelling strong global demand for smart gadgets,” said Sudheer Kuppam, Intel Capital Asia Pacific managing director.

Performance Lab’s products gather and analyze data from a person playing sport or exercising, and send the results to coaches or participants through mobile devices for management of training programmes.

Reporting by Gyles Beckford; Editing by Richard Pullin

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