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Nokia exits its digital health business; sells venture to Withings founder

June 01, 2018

Nokia has sold its digital health business including activity trackers and smartwatches to Eric Carreel, co-founder and former chairman of the operation, for an undisclosed price.

Digital health was one of the areas the Finnish company had been counting on for future growth opportunities amid a tough market for its mainstay telecom network equipment business.

As an initial move into the health market, Nokia in 2016 bought France's Withings for 170 million euros. An internal memo from February 2018 showed that the business failed to meet Nokia's growth expectations.

As per industry sources, digital health and virtual camera products in total generated 52 million euros of sales in 2017, compared to Nokia's total revenue of 23.2 billion euros.

 
 

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