Nokia to Acquire French Connected Health Start-Up Withings
April 26 2016 - 5:30AM
Dow Jones News
Nokia Corp. said it plans to acquire Withings SA, a French
connected health start-up that makes Internet-connected devices,
tracking its users' personal health digitally.
The transaction is valued at €170 million ($191.6 million), the
Finnish technology company said on Tuesday. The purchase is
expected to close early in the third quarter of this year.
The acquisition of Withings by Nokia comes as connected health,
a model of healthcare delivery that provides an increasingly
powerful set of connected devices capable of monitoring a person's
physical and mental health, moves from being a tech buzzword to a
battleground for established tech companies.
Founded in 2008, Withings was among the first companies to
connect personal health to the Internet. Since then, the tech firm
has expanded its lineup of connected devices to include
smartwatches, fitness trackers, weighing scales, thermometers,
blood-pressure monitors, sleep-quality sensors and baby
monitors.
Withings' products are complemented by more than a hundred
compatible smartphone 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
Nokia Chief Executive and President Rajeev Suri in a statement.
Withings currently employs around 200 employees across its
locations in France, Cambridge, the U.S. and Hong Kong.
Write to Matthias Verbergt at Matthias.Verbergt@wsj.com
(END) Dow Jones Newswires
April 26, 2016 05:15 ET (09:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Nokia (NYSE:NOK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Nokia (NYSE:NOK)
Historical Stock Chart
From Sep 2023 to Sep 2024