Counsel Health will be acquired by Oura Ring for $625 million

Manufacturer of smart rings Oura announced on Tuesday that it will purchase Counsel Health, a virtual primary care provider, for $625 million in an all-cash transaction that will combine Oura’s biometric data with Counsel’s care platform and on-demand doctors.

Counsel is an AI-powered business that enables people to seek assistance with common health-related queries by combining a chat-based medical interface with access to licensed, board-certified doctors.

Given the growing importance of wearable technology in clinical treatment and outcome monitoring, the agreement represents Oura’s push into health research.

“Oura helps members understand their physiology, and with Counsel, they can take action regarding their health across a range of needs—from quick questions and prescriptions to lab results, chronic care, and referrals,” said Tom Hale, CEO of Oura.

Due to market volatility, the company’s September announcement of plans for an initial public offering (IPO) in the US was postponed.

During a late-stage investment round last year, the company, which was established in Finland more than ten years ago, was estimated to be worth $11 billion.

The acquisition of Counsel Health is anticipated to finalize before the end of the year, according to Oura.