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

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments