Nokia enters digital health market
Nokia has announced its plan to acquire Withings, a digital health product company
Nokia has revealed its plan to acquire French consumer electronics company, Withings, for EURO 170m to make its mark in digital health.
The acquisition will push Nokia's portfolio into the wearables and fitness devices market, as Withings' employees and products, such as its E-ink fitness tracker and Bluetooth thermometer, will merge with Nokia's advanced technologies business.
"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."
Ramzi Haidamus, president of Nokia Technologies added: "Withings shares our vision for the future of digital health and their products are smart, well designed and already helping people live healthier lives. 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 in 2008 and its portfolio includes activity trackers, weighing scales, thermometers and blood pressure monitors, to enable smarter decisions around health and well-being.
"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."
The World Health Organisation has reported that diseases, such as cardiovascular disease and diabetes, are continuously rising, it is expected that healthcare will drive the Internet of Things market, in particular mobile health which will be the fastest growing health care segment from 2015-2020.