Nokia buys Withings
While Nokia has faded in the last few years, it looks like they do not have plans to leave the consumer market. On the contrary, they might enter the wearables market later this year, thanks to the acquisition of French company Withings.
According to Nokia's president and CEO Rajeev Suri, "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."
Founded by Eric Carreel and Cedric Hutchings back in 2008, Withings has around 200 employees in France, US, and Hong Kong. Its portfolio spans well beyond its activity trackers, also including thermometers, blood pressure monitors, home and baby monitors, weighing scales, and more. These hardware products are also complemented by an ecosystem consisting of over one hundred compatible apps.
The transaction is valued at EUR 170 million (roughly $192 million at current exchange rate) and will be settled in cash in early Q3 2016. As it usually happens in such cases, this corporate acquisition is subject to regulatory approvals and customary closing conditions.
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