Technology heavyweight Nokia has announced its plans to buy Withings, a major wearable technology and digital health provider.

The move will allow Nokia to re-enter the wearable technology market, which has grown considerably since the Finnish company abandoned plans for a smartwatch back in 2014.

“We have said consistently that digital health was an area of strategic interest to Nokia, and we are now taking concrete action to tap the opportunity in this large and important market,” said Rajeev Suri, president and CEO of Nokia.

“With this acquisition, Nokia is strengthening its position in the Internet of Things in a way that leverages the power of our trusted brand, fits with our company purpose of expanding the human possibilities of the connected world, and puts us at the heart of a very large addressable market where we can make a meaningful difference in people’s lives.”

Withings has forged a reputation for creating wearable technology providing detailed health metrics, as well as well-designed home health tech, such as smart scales, blood pressure monitors and a WiFi-enabled thermometer.

“Since we started Withings, our passion has been in empowering people to track their lifestyle and improve their health and wellbeing,” said Cédric Hutchings, CEO of Withings.

“We’re excited to join Nokia to help bring our vision of connected health to more people around the world.”

For Nokia, this will not only be an opportunity to enter a new market, but may also improve the profile of the company, which has significantly dwindled since its early-noughties heyday.

“Withings shares our vision for the future of digital health and their products are smart, well designed and already helping people live healthier lives,” said Ramzi Haidamus, president of Nokia Technologies.

“Combining their award-winning products and talented people with the world-class expertise and innovation of Nokia Technologies uniquely positions us to lead the next wave of innovation in digital health.”

Opting to buy a company rather than develop its own line of products is a sensible move for Nokia, as many wearable products developed by major tech giants have failed to make an impact.

The Microsoft Band, for example, has not matched expectations, and even the Apple Watch has not matched the hype of earlier Apple products.

It would also be somewhat of a backstep, as Nokia sold its own Devices & Services division, which covered phones and wearable technology, to Microsoft back in April 2014.

Nokia is purchasing Withings for €170m, with the sale due to go through by October.