Nokia plans to acquire Withings for €170 million

By Shrey Pacheco | Published on 27 Apr 2016
Nokia plans to acquire Withings for €170 million
HIGHLIGHTS

Withings is a French company that manufactures health care devices and Nokia’s acquisition may speed up the company’s plans to re-enter the consumer electronics market

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Nokia has announced plans to acquire Withings for €170 million. Withings is a French company that manufactures health care devices including wearable gadgets. This acquisition should boost Nokia’s plans to re-enter the consumer electronics market after it was bought by Microsoft a few years back. Nokia’s CEO, Rajeev Suri said in a statement, “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. 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.”

The acquisition of Withings should not affect those who own the company’s products. In a blog post, the CEO of Withings, Cédric Hutchings assured users that the company’s products and applications will continue to work in the same way as before. He also noted that the company was impressed with the plans Nokia shared for Preventive Health and Patient care. 

Suri has previously confirmed that Nokia will re-enter the smartphone market, however, he did not specify when they plan on doing so. However, there have been leaks, which suggest that Nokia may be planning to launch some devices soon. Nokia has also launched a VR camera called the Ozo that is priced at $60,000.

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Shrey Pacheco

Writer, gamer, and hater of public transport.

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