Nokia
While the main business of telecommunication network equipment business faces difficult challenges, Nokia has listed digital health as one of the opportunities for future growth. However, as a former Samsung executive, Greco Lee has withdrawn from digital health after he took over the Nokia technology department last year. And virtual camera business, focusing exclusively on patents and brand licensing.
Nokia sold the digital health business to Eric Carreel, co-founder and CEO of digital health company Withings. In 2016, Nokia established the digital health business through the acquisition of Withings. Nokia announced earlier this month. Plan to sell digital health business.
“Gregoli joined Nokia and made a bold decision to refocus Nokia’s technology department on licensing... We have reached an agreement: His work at Nokia has been completed,” said Nokia CEO Rajeev Suri (Rajeev Suri).
Nokia stated that Maria Varsellona, the chief legal officer, will take over the technical department. Nokia's licensing business is lucrative, including patent fees paid by mobile phone manufacturers using Nokia brand and smartphone patents.
As a first step into the health market, Nokia acquired Withings in 2016 for 170 million euros (about 199 million U.S. dollars). An internal memo published in February of this year showed that the digital health business failed to meet Nokia's growth expectations.
Nokia did not disclose the specific revenue of the digital health business, but digital health and virtual camera products had a total revenue of 52 million euros last year and a very low share of Nokia's total revenue of 23.2 billion euros.