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Nokia completes acquisition of health devices maker Withings ahead of schedule

cmn-Nokia

Finland-based Nokia Technologies announced that it has completed its acquisition of health devices maker Withings ahead of schedule. Nokia had acquired the company in April 2016 for €170 million and was expected to complete the deal by the third quarter of this year.

Following this, Nokia Technologies has established a new Digital Health business unit which will be led by Withings CEO Cédric Hutchings who will report to Ramzi Haidamus, president of Nokia Technologies.

Withings product line includes activity trackers, smart body analyzer scales, thermometers, blood pressure monitors, home and baby monitors and more.  Withings claims that its products work with over a 100 apps The France-headquartered company has 200 employees across its locations in Paris, France; Cambridge, US; and Hong Kong.

Nakina Systems acquisition: In April,  Nokia completed acquisition of Canada-based software firm Nakina Systems.  Nakina would help enhance Nokia’s security measures across its software and cloud offerings. Through this, Nokia would support its customers who face security threats from platforms such as 5G, Internet of Things, big data, Software Defined Networks, and cloud services.

Financials: Nokia’s operating profits increased by 4% year-on-year (YoY) to €475 million in Q3 2015  from €457 million in the same quarter last year. The company had reported an operating profit of €494 million in the previous quarter and net sales of €3.04 billion compared to €3.09 billion in the same quarter last year.

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Nokia Networks and Nokia Technologies are two major businesses left with Nokia after thesale of its devices and services business to Microsoft in April 2014. Nokia also sold HERE maps to Audi, BMW and Daimler in August 2015 for €2.8 billion (over $3 billion).

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