Garmin Ltd. has paid $36 million to grab Dynastream Innovations Inc., a Canadian company that makes foot pods and heart-rate monitors for sports and fitness products.

Dynastream's devices can be used to measure speed and distance of runners and bicyclists. The Cochrane, Alberta, staff has also developed a short-range wireless technology that allows devices to communicate - a technology Garmin will adopt for its aviation, marine and outdoor products.

Garmin has been using Dynastream's wireless technology on its Edge device for bicycles and its Forerunner device for runners. Dynastream's technology also is behind Nike's Triax watches, which monitor heart rates, speed and distance.

Dynastream has about 50 employees, including about 25 engineers and scientists.

Thanks to the Kansas City Business Journal.