Samsung Acquires US-based Healthcare Platform Xealth to Boost Mobile Health Services
TL/DR –
Samsung Electronics has signed an agreement to acquire US-based healthcare platform Xealth, in an attempt to expand its mobile healthcare services business. The companies plan to create synergy between Samsung’s wearable technology and Xealth’s digital health platform, which runs health programmes and manages data for more than 500 US hospitals. The acquisition is part of Samsung’s strategy to diversify beyond its core semiconductor and smartphone businesses, as it looks for “meaningful” deals to drive growth.
Samsung Set to Acquire Xealth, a US-Based Healthcare Platform
Samsung Electronics announced on Tuesday that it has signed a deal to acquire Xealth, a prominent US-based healthcare platform, marking a significant step to strengthen its mobile healthcare services business. The specifics of the transaction have not been disclosed.
The synergy between Samsung’s cutting-edge wearable technology and Xealth’s digital health platform is expected to bolster digital health programs. Xealth’s platform effectively manages data that connects care providers, including 500+ US hospitals, with their patients.
This acquisition forms part of Samsung’s strategic move to diversify beyond its traditional semiconductor and smartphone operations. They are showcasing their commitment to the medical sector, which is being positioned as a new growth engine, along with consumer audio, cooling and heating systems, and robotics.
In a previous significant deal in May, Samsung Electronics locked a deal to purchase Germany’s FlaktGroup for 1.5 billion euros ($1.68 billion). The acquisition aims to cater to the increasing demand for data centre cooling required for advanced artificial intelligence projects.
Chairman Jay Y. Lee voiced at a shareholder meeting in March that Samsung is actively seeking ‘meaningful’ deals this year to stimulate growth, following a delayed entry into the AI chip industry, thus far dominated by Nvidia.
Earlier on Tuesday, Samsung projected a harsher than anticipated 56% drop in Q2 operating profit because of faltering AI chip sales. This has heightened investor worries regarding Samsung’s potential to revive its ailing semiconductor operation.
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