Idinvest Partners, the private equity firm spun out of insurance firm Allianz, is set to exit France-based digital health technology developer Withings in a €170m ($193m) acquisition by communications technology manufacture Nokia.
Founded in 2008, Withings produces a range of connected health products including activity trackers, scales, thermometers, blood pressure monitors, and home and baby monitors. The cash acquisition is expected to close in Q3 of this year and once it does Withings will form part of the Nokia Technologies business.
Withings received approximately $3.9m in funding from venture capital firm Ventech in 2010 before raising $30m from Bpifrance, which provided $15m of the sum, Idinvest, 360 Capital Partners and Ventech in 2013.
Rajeev Suri, Nokia’s president and CEO, said: “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.
“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.”
– Image courtesy of Withings S.A.