Menu
Nokia sheds digital health venture as executive departs

Nokia sheds digital health venture as executive departs

Digital health was one of the areas vendor had been counting on for future growth opportunities

Nokia has sold its small digital health business, including activity trackers and smartwatches, and the executive who wound down the company's consumer ventures will leave Nokia after less than a year in the job.

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.

But Gregory Lee, a former Samsung executive who took the helm of Nokia's Technologies unit last year, pulled Nokia away from the business as well as a virtual camera venture, leaving the unit to focus on patent and brand licensing.

The health business was sold to Eric Carreel, co-founder and former chairman of the operation, for an undisclosed price. Nokia had announced plans to sell the business earlier this month.

"Gregory came to Nokia... and took the bold decision to refocus Nokia Technologies on licensing... We have agreed that his work at Nokia is done," Nokia CEO Rajeev Suri said in a statement.

Nokia chief legal officer Maria Varsellona will take over the Technologies unit, Nokia said.

The licensing business, highly profitable, includes royalties from handset vendors for the use of Nokia's brand and smartphone patents.

As an initial move into the health market, Nokia in 2016 bought France's Withings for 170 million euros (US$199 million). An internal memo from February showed that the business failed to meet Nokia's growth expectations.

Nokia has not given exact sales figures for the business, but digital health and virtual camera products in total generated 52 million euros of sales last year, compared to Nokia's total revenue of 23.2 billion euros.

(Reporting by Jussi Rosendahl; Editing by Edmund Blair and Susan Fenton)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Nokia

Featured

Slideshows

Meet the leading customer-centric Microsoft channel partners

Meet the leading customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the leading customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments