Nov 10 (Reuters) – Smart-ring maker Oura said on Tuesday it will acquire virtual primary care company Counsel Health for $625 million in an all-cash deal, combining Oura’s biometric data with Counsel’s care platform and on-demand physicians.
Counsel is an AI-enabled company that combines a chat-based medical interface with access to licensed, board-certified physicians for people to get help with everyday health questions.
The deal reflects Oura’s push into healthcare research efforts, as wearable devices play a growing role in clinical care and outcomes tracking.
“Oura helps members understand their physiology and, with Counsel, they can take action on their health across a range of needs, from quick questions and prescriptions to lab results, chronic care, and referrals,” said Oura CEO Tom Hale.
In September, the company said it was aiming for a US initial public offering, but the listing was delayed due to volatile markets.
The company, founded more than a decade ago in Finland, was valued at about $11 billion in a late-stage funding round last year.
Oura said the deal to acquire Counsel Health is expected to close before the end of the calendar year.
(Reporting by Christy Santhosh in Bengaluru; Editing by Tasim Zahid and Shinjini Ganguli)
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