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Nokia to acquire digital health device maker Withings for $191 million

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Nokia Technologies has announced that it will acquire French connected health device maker Withings for $191 million (170 million euros).

Nokia’s intention to acquire Withings, pioneer and leader in the connected health revolution with a family of award-winning digital health products and services is to help people all over the world lead healthier, happier and more productive lives.

The move will also to enable the mobile tech giant, Nokia to accelerate entry into Digital Health.

In a press statement released by Nokia on its website, Cédric Hutchings, CEO of Withings was quoted saying “We’re excited to join Nokia and help bring our vision of connected health to more people around the world.”“Since we started Withings, our passion has been empowering people to track their lifestyle and improve their health and well-being,”

Withings’ portfolio of regulated and unregulated products includes activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more, and is built on a sophisticated digital health platform, providing insights to empower people to make smarter decisions about the health and wellbeing of themselves and their families. Withings’ own products are complemented by an ecosystem of more than a hundred compatible apps.

Withings, has raised $34 million to date, with the latest being a $30 million round in 2013.

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

“Withings shares our vision for the future of digital health and 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 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.

Upon completion, a new Nokia Digital Health business unit will be headed by Cedric Hutchings and will
continue to further the shared vision of Nokia and Withings.

Earlier acquisitions

According to MobiHealthNews.com, Jawbone acquired BodyMedia for an undisclosed sum in April 2013, . This was one of the first major consolidations in the wearable activity tracker space. Earlier this year, Jawbone officially stopped making BodyMedia Fit device data available to users and shut down the BodyMedia website (it now redirects to Jawbone’s site), essentially rendering the legacy BodyMedia devices useless.

In March 2014, Intel acquired Basis Science, the activity tracker company maker of the high-end Basis B1 Band. As part of its announcement, Intel said that the Basis Band would still be available through its existing retail channels.

Last year, two companies that make fitness tracking devices got acquired. First, in August, Germany-based athletic company Adidas acquired Austrian fitness app and device company Runtastic for $240 million (220 million euros). And then in November, Fossil Group announced it would buy wearables company Misfit for $260 million. Fossil said it would keep the Misfit brand and product line intact and work with them to develop and release additional products in Misfit’s pipeline.

Finally, earlier this year, electronics company Logitech acquired wireless earbud company Jaybird, which also makes an activity tracker called Reign, for $50 million in cash.

 

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