News
Acquisition strengthens Finnish vendor’s IoT position; deal expected to close in third quarter.
Nokia on Tuesday agreed to acquire m-health device maker Withings in a deal valuing it at €170 million.
Founded in 2008 and headquartered in France, Withings sells a range of products to end users and healthcare providers, including activity trackers, weighing scales, thermometers, blood pressure monitors, and home and baby monitors. The company employs 200 staff across France, the U.S. and Hong Kong.
According to P&S Market Research, m-health is expected to be the fastest-growing segment of the overall healthcare market, with an expected CAGR of 37% from 2015-2020.
"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," said Nokia CEO Rajeev Suri, in a statement.
Withings will become part of Nokia Technologies, which comprises its R&D and patent-licensing activities.
"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."
The transaction is expected to close in the third quarter, subject to regulatory approvals and customary closing conditions.
"Since we started Withings, our passion has been in empowering people to track their lifestyle and improve their health and wellbeing," said Cédric Hutchings, CEO of Withings. "We’re excited to join Nokia to help bring our vision of connected health to more people around the world."
