Nokia has announced plans to acquire Withings, a leading brand in connected health with several award-winning digital health products and services.
Withings’ products include smart watches, digital scales and connected wristbands. The company’s aim is to help people all over the world lead healthier and more productive lives. The acquisition will see Withings become part of the Nokia Technologies business.
The planned transaction values Withings at EUR 170 million, and is expected to close in early Q3, 2016 subject to regulatory approvals and customary closing conditions.
In a blog post on the company’s website, Withings CEO Cedric Hutchings explained how the business was founded “to explore the possibilities provided by the Internet of Things.” He said, “Today we can proudly say we are leading the connected health revolution, inventing smart, beautiful things to give people the knowledge they need to live happier, healthier lives. When we were approached by Nokia, it was inspiring to discover how perfectly aligned our visions are. Together we believe we can truly transform the world.”
Forecasts for the future of mobile health suggests that the Internet of Things will revolutionise the way we treat illnesses such as diabetes and cardiovascular disorders. The World Health Organisation estimates a compound annual growth rate in the sector of 37% between 2015 and 2020.
Nokia strengthens position in IoT, digital health
This explains why Nokia’s move into the sector comes as little surprise. “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.”
“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.”
As part of the move Nokia will buy into Withings’ digital health platform, which provides insights to empower people to make smarter decisions about health and wellbeing. Withings’ own products are complemented by an ecosystem of more than a hundred compatible apps.
Taking place in London on the 21st-22nd September, the Internet of Healthcare will examine how IoT is supporting clinicians to improve efficiency and raise the quality of care.
Through real-life case studies, workshops and roundtable discussions, explore the future of healthcare alongside pre-qualified healthcare leaders– including NHS England, WHO, Dubai Health Authority, and more.