Nokia has announced that it is selling its Digital Health business. The company is selling the business to Withings co-founder Éric Carreel.
Nokia previously purchased Withings in 2016 in a deal which was worth €170 million. As yet, there are no details on how much the business is being sold for.
Nokia announced a review of strategic options for the Digital Health business in February 2018. The planned sale is part of Nokia’s honed focus on becoming a business-to-business and licensing company.
The transaction is subject to terms agreed in the negotiations and completion of the information consultation with the Works Council of Nokia Technologies (France) SA., with the deal expected to close in late Q2 2018.
Background of Nokia’s Digital Health Business
Nokia’s foray into the digital health sector began with the acquisition of Withings, a French consumer electronics company known for its innovative health-related products such as smart scales, fitness trackers, and health monitoring devices. The acquisition was part of Nokia’s strategy to diversify its portfolio and enter the growing market of digital health. However, despite the initial enthusiasm, the digital health business did not perform as expected, leading to a strategic review and the eventual decision to sell the business.
Future Prospects for Withings Under Éric Carreel
Éric Carreel, the co-founder of Withings, is expected to bring a renewed focus and vision to the company. With his deep understanding of the digital health market and innovative mindset, Carreel aims to revitalize Withings and expand its product offerings. The return of Withings to its original leadership is seen as a positive move by industry experts, who believe that Carreel’s expertise will help the company regain its competitive edge.
The digital health market is rapidly evolving, with increasing demand for health monitoring devices and wellness solutions. Withings, under Carreel’s leadership, is well-positioned to capitalize on these trends and introduce new products that cater to the needs of health-conscious consumers. The company’s existing product lineup, which includes smartwatches, blood pressure monitors, and sleep tracking devices, is expected to see significant enhancements and innovations in the coming years.
You can find out more details on Nokia’s plans to sell their Digital Health Business over at Nokia at the link below.
Source Nokia
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