Nokia said on Thursday it had 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.
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“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 chief executive Rajeev Suri said in a statement.
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. 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.
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE currency: the story behind the money in your pockets