Nokia is selling its digital health business back to the co-founder of Withings

Nokia has announced plans to sell its struggling health tech business back to Éric Carreel, co-founder of Withings, the French startup Nokia bought in 2016.

Terms for the deal have not been announced, but the Finnish tech giant is surely taking a substantial loss on the sale. Nokia bought Withings two years ago for $191 million, before rebranding the startup’s products (including a smart scale and various well-recieved fitness tracker watches) as part of its new “Digital Health” business in 2017.

However, the rebadged Withings products clearly weren’t making enough money for Nokia, and in October 2017 the company announced a write-down of €141 million ($164 million) on the assets. This was followed by the launch of a “strategic…

Continue reading…

Go to Source
Author: James Vincent

Powered by WPeMatico