Telecom network maker Nokia announced plans to acquire Withings, a provider of digital health products and services, for 170 million euros or $191 million in cash to bolster its IoT business.

Withings will be part of our Nokia Technologies business.

Rajeev Suri, president & CEO of Nokia, said: “With this acquisition, Nokia is strengthening its position in the Internet of Things (IoT) business.”

Healthcare is expected to be one of the largest vertical markets in the IoT, with analysts forecasting that mobile health, with a CAGR of 37 percent, will be the fastest growing health care segment from 2015-2020.

The combination of innovative products from Withings and the Digital Health business will ensure the ongoing renewal of Nokia Technologies’ IPR portfolio.

Withings, which was founded by Chairman Eric Carreel and CEO Cedric Hutchings in 2008 in France, has approximately 200 employees across its locations in Paris, France, Cambridge, US and Hong Kong.

Withings’ products — digital health platform — include activity trackers, weighing scales, thermometers, blood pressure monitors, home and baby monitors and more.