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Nokia plans to enter smart products market with Withings Purchase for $191 million

by Jitendra Soni 1

Nokia seems to be gearing up for a re-entry in the consumer market. The Finish tech company plans to buy digital health firm Withings for $ 191 million. It can be seen as Nokia’s a step to get into digital healthcare segment.

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

Withings’ products include activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more. Withings’ own products are accompanied by an ecosystem of more than a hundred compatible apps.

“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.”

This deal is expected to be formally completed by the third quarter, after which Withings’ 200 employees will join Nokia Technologies, and its CEO Cedric Hutchings will report to Nokia Technologies head Ramzi Haidamus.

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