Nokia to Acquire Withings for $191 Million to Enter Digital Health Market

Nokia Announces Plans to Acquire French Digital Health Company Withings for $191 MillionNokia has announced its plan to acquire the French digital health company Withings for $191 million. The transaction is expected to be completed in the early third quarter of this year. This acquisition marks Nokia’s formal entry into the digital health sector, thereby enhancing the global strategic layout of Nokia Technologies.

Withings offers a range of digital health products, including smart bands, sleep trackers, thermometers, and smartwatches.

Rajeev Suri, President and CEO of Nokia, stated: “We have consistently maintained that the digital health sector holds strategic significance for Nokia. We are now taking concrete actions to enter this vast and important market. Through this acquisition, Nokia aims to strengthen its position in the global Internet of Things (IoT) landscape, leveraging its branded products to connect the world and expand human possibilities.”

According to analysts’ forecasts, from 2015 to 2020, mobile health will grow at a compound annual growth rate (CAGR) of 37%, becoming the fastest-growing segment in the healthcare industry.

Withings was founded in 2008 by Chairman Eric Carreel and Cedric Hutchings. Headquartered in France, the company has offices in Cambridge, the United States, and Hong Kong, and employs approximately 200 people. Withings offers a range of health products built on a precisely engineered digital medical platform, empowering users to make more informed decisions in managing their health.

Notably, this marks Nokia’s first acquisition in recent years of a consumer-focused technology product; its previous merger with Alcatel-Lucent, a U.S.-based telecommunications software and equipment services company, was aimed at strengthening its advantages in communication network equipment and wireless technologies.