Home / Technology and Science / Nokia Completes Sale of Its Withings Digital Health Venture Back to Co-Founder

Nokia Completes Sale of Its Withings Digital Health Venture Back to Co-Founder

Nokia stated on Thursday it had bought its small virtual well being trade, together with task trackers and smartwatches, and the chief who wound down the corporate’s shopper ventures will depart Nokia after not up to a yr within the process.

Digital well being was once one of the spaces the Finnish corporate were reckoning on for long run enlargement alternatives amid a tricky marketplace for its mainstay telecom community apparatus trade.

But Gregory Lee, a former Samsung government who took the helm of Nokia’s Technologies unit closing yr, pulled Nokia clear of the trade in addition to a digital digital camera mission, leaving the unit to center of attention on patent and logo licensing.

The well being trade was once bought to Eric Carreel, co-founder and previous chairman of the operation, for an undisclosed value. Nokia had announced plans to promote the trade previous this month.

“Gregory got here to Nokia… and took the daring choice to refocus Nokia Technologies on licensing… We have agreed that his paintings at Nokia is completed,” Nokia CEO Rajeev Suri stated in a commentary.

Chief Legal Officer Maria Varsellona will take over the Technologies unit, Nokia stated. The licensing trade, extremely winning, comprises royalties from handset distributors for the use of Nokia’s logo and smartphone patents.

As an preliminary transfer into the well being marketplace, Nokia in 2016 purchased France’s Withings for EUR 170 million ($199 million or kind of Rs. 1,348 crores). An inside memo from February confirmed that the trade failed to meet Nokia’s enlargement expectancies.

Nokia has now not given precise gross sales figures for the trade, however virtual well being and digital digital camera merchandise in general generated EUR 52 million (kind of Rs. 408 crores) of gross sales closing yr, in comparison to Nokia’s general income of EUR 23.2 billion (kind of Rs. 1.80 lakh crores).

© Thomson Reuters 2018

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