ESPOO, Finland — Nokia has announced plans to acquire connected health innovators Withings for $191 million, as it accelerates its entry into digital health.
With a portfolio of award-winning digital health products including smartwatches, body analyzers and health trackers, the french company will be an integral part of Nokia’s Technologies business as it ‘strengthens its position in the Internet of Things’.
“We have said consistently that digital health was an area of strategic interest to Nokia, and we are now taking concrete action to tap the opportunity in this large and important market,” said Rajeev Suri, president & CEO of Nokia.
“With this acquisition, Nokia is strengthening its position in the Internet of Things in a way that leverages the power of our trusted brand, fits with our company purpose of expanding the human possibilities of the connected world, and puts us at the heart of a very large addressable market where we can make a meaningful difference in peoples’ lives.”
The combination of innovative products from Withings and the Digital Health business will ensure the ongoing renewal of Nokia Technologies’ world class IPR portfolio.
Formed in 2014, Nokia’s advanced technology and licensing business builds on the company’s industry-leading licensing and technology R&D capabilities. By focusing on Digital Media, Brand Licensing, and Patent Licensing, the business aims to expand the human possibilities of the ever-evolving world of technology. A division Withings will help to propel even further.
“Withings shares our vision for the future of digital health and their products are smart, well designed and already helping people live healthier lives,” said Ramzi Haidamus, president of Nokia Technologies.
“Combining their award-winning products and talented people with the world-class expertise and innovation of Nokia Technologies uniquely positions us to lead the next wave of innovation in digital health.”
Highlighting the opportunities that exist in healthcare, with mobile health forecast to be the fastest growing health care segment from 2015-2020, Nokia’s move into the sector is a smart one.
No longer at the forefront of the mobile phone industry, Nokia predicts the acquisition of Withings will provide a more lucrative revenue stream for the business.