Tech giant to enter digital health space with Withings acquisition

folarin okunola

April 29, 2016 12:27 PM

The combination of innovative products from Withings and Nokia's Digital Health business will also ensure the ongoing renewal of Nokia’s world class IPR portfolio.

Withings

Media reports reveal Nokia has announced plans to acquire Withings S.A., a leader in the connected health revolution with a family of award-winning digital health products and services. Withings will be part of Nokia Technologies.

“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 president & CEO of Nokia, Rajeev Suri.

“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.”

READ: Company CEO reveals plan to re-enter mobile phone market

Withings was founded by Eric Carreel and CEO Cedric Hutchings in 2008 and is headquartered in France, with approximately 200 employees across various locations in Paris, France, Cambridge, US and Hong Kong.

The company's portfolio of regulated and unregulated products includes activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more, and is built on a sophisticated digital health platform, providing insights to empower people to make smarter decisions about the health and wellbeing of themselves and their families.

Withings is valued at €170 million and the transaction would be settled in cash and is expected to close in early Q3, 2016 subject to regulatory approvals and customary closing conditions.

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