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© norebbo dreamstime.com Electronics Production | April 26, 2016

Nokia plans to acquire Withings to accelerate entry into Digital Health

Nokia intends to acquire Withings S.A., a company working with digital health products and services. Withings will be part of the Nokia 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," Suri continues.

Withings was founded in 2008 and is headquartered in France, with approximately 200 employees across its locations in Paris, France, Cambridge, US and Hong Kong. Withings' portfolio of regulated and unregulated products includes activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more.

"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 planned transaction values Withings at EUR 170 million and would be settled in cash and is expected to close in early Q3, 2016 subject to regulatory approvals and customary closing conditions.

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