Nokia has revealed their plans to acquire Withings which is a digital French health consumer electronics company known for their health products and services. The deal is set at $191 million in cash. With this deal the 200 employees in Withings will be under Nokia and the products of Withings will be merged into Nokia’s advanced technologies division.
Nokia, said, “The combination of innovative products from Withings and the Digital Health business will also ensure the ongoing renewal of Nokia Technologies’ world class IPR portfolio.” The whole deal and the transactions will be closing in early Q3, 2016 subject to regulatory approvals and customary closing conditions.
Commenting on the new acquisition, Rajeev Suri, president & CEO of Nokia, said: 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. 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.
With this deal, the products by Withings like Active smartwatch, E-ink fitness tracker and Bluetooth thermometer will be included into Nokia’s advanced technologies division.
Commenting on the deal with Nokia, Cedric Hutchings, CEO of Withings, said, “Since we started Withings, our passion has been in empowering people to track their lifestyle and improve their health and wellbeing. We’re excited to join Nokia to help bring our vision of connected health to more people around the world”
