Nokia to splash out $191 million on health and wearables firm Withings
Nokia used to be a name associated with smartphones but now the Finnish company is looking to venture into a different area of the mobile device market. Today the company announced plans to acquire French health, fitness and wearables firm Withings for €170 million ($191 million).
Withings will join Nokia Technologies as the former smartphone manufacturer branches out into the Internet of Things and the lucrative health market. The acquisition will be settled in cash, and is expected to be completed by Q3 this year.
Ramzi Haidamus, president of Nokia Technologies, said: "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".
The takeover will serve to boost Withings' image. The company has a very dedicated following of users but now there are grander plans afoot -- to "build the future of digital health together".
Withings CEO Cédric Hutchings said that users can expect things to continue to operate as normal:
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.
Since the beginning, we have always prioritized the usability of our products. We ask ourselves if we are really making a difference by adding a connection to a product. Is there a clear purpose for what we do? Can we make the product simpler? The Nokia vision of creating beautifully designed products that blend seamlessly into the everyday lives of real people echoes exactly the same sentiment; we have a solid shared ground to build on.
We’ve been impressed with the plans the Nokia team has shared with us both for Preventive Health and Patient Care. As soon as we close the deal, we can start working together to determine our way forward as one team with a broad but focused portfolio of incredible products and innovations.
Users' satisfaction remains our main concern: yes, our applications and products will continue to work in the same way!