They are doing it again. In their bid to once again lay claim to fame, tech giant Nokia has announced that it will be acquiring health tech company Withings – an up and coming company that specializes in tech health products like health watches, fitness monitors, scales, thermometers and sleep trackers.
The acquisition of the French start-up company is believed to be worth $192 million and is expected to be added to Nokia Technologies, one of the primary core divisions of the Finnish tech company that started the novelty mobile revolution back in the 90’s.
Nokia just recently developed two core divisions to help spur their comeback into the tech picture with Nokia Technologies which has been targetted to promote and strengthen the brand to consumers with its innovative products and offerings, and Nokia Networks which is focused towards the broadband network infrastructure model.
In a press release from Nokia CEO and President Rajeev Suri said that the acquisition is set to strengthen the company “in its position in the Internet of Things where it is expected to leverage the power of our trusted brand, as well as fit with the company’s purpose of ‘expanding 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 people’s lives.”
“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,“ Suri said
Only very recently, Nokia also announced its deal with Disney’s venture into virtual reality, highlighting the capability of the revolutionary Ozo virtual reality camera.
Withings was founded in 2008 and has raised a little over $30 million in equity fundings, manned by a 200-strong workforce across Hong Kong and Paris, Cambridge in the United States.
In a statement released to the media, Withings CEO Cedric Hutchings said that they are looking forward to the deal, of which the cash acquisition is set to be completed by the 3rd quarter of 2016.
“We’ve been impressed with the plans the Nokia team has shared with us both for preventive health and patient care and as soon as we close the deal, we can start working together to determine our way forward,” Hutchings said, allaying fears that their ‘applications and products will continue to work in the same way.”
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