Nokia is staging its re-entry into the consumer market with the acquisition of French smartwatch maker Withings for $191 million. The acquisition is expected to close by the third quarter, following which Withings' staff will be integrated into Nokia Technologies, the Finnish manufacturer's consumer unit.
In a statement announcing the acquisition, president & CEO of Nokia Rajeev Suri said:
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.
Head of Nokia Technologies Ramzi Haidamus said that the acquisition is aimed at furthering innovation in the digital health segment:
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.
Withings' latest smartwatch is the $169 Activité Steel. The watch offers a bevy of sensors that can track your daily activity, all in a chassis that looks like a traditional watch. In addition to smartwatches, Withings makes smart smales, connected alarm clocks, and home monitoring cameras. The vendor's products are compatible with Android as well as iOS, with the Health Mate app giving you an overview of your daily statistics.