Nokia has plans to acquire Withings, a French consumer electronic company, in an effort to accelerate its entry into the digital health market.
"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, in a release. "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."
"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."
Withings was founded by Chairman Eric Carreel and CEO Cedric Hutchings in 2008 and has approximately 200 employees across its locations in Paris, France, Cambridge, U.S. and Hong Kong. Withings' portfolio of regulated and unregulated products includes activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more. Withings' own products are complemented by an ecosystem of more than a hundred compatible apps.
The planned transaction values Withings at EUR 170 million.