Nokia Makes Move into Wearables Market with Acquisition of Withings

There was some big early-morning news out of Europe on Tuesday as former mobile phone manufacturer Nokia made public its move to purchase Withings S.A., a digital health firm for $191 million. The acquisition puts Nokia back into the gadget game just a few short years after selling its devices business to Microsoft. In a statement, Nokia explained that, once the transaction is complete, Withings will become part of the Nokia Technologies business.

"We have said consistently that digital health was an area of strategic interest to Nokia, and we are now taking concrete action to tap the opportunity in this large and important market," Rajeev Suri, president & CEO of Nokia, said in a statement. "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."

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