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Market news · Nov 10, 2:01 PM ET

Oura agrees to buy AI primary-care firm Counsel Health for $625 million in cash

Smart-ring maker Oura said it has signed a deal to acquire Counsel Health, an AI-native primary-care company, for $625 million in cash, subject to price adjustments. The purchase would bring Counsel's AI chat service and physicians into the Oura app, which matters to US investors following consumer wearables and digital health because it links a device maker more directly to clinical care.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

Oura, the smart-ring maker, has agreed to buy Counsel Health for $625 million in cash. Under the terms of the agreement, Oura is acquiring Counsel Health for $625 million in cash, subject to purchase price adjustments. The company announced the deal on Tuesday, November 10, according to STAT. The deal is expected to close before the end of this year.

What Counsel Health does

Counsel describes itself as an AI-native primary-care company. According to STAT, Counsel Health is the maker of a chatbot that users can talk with about health concerns before being transferred to a clinician for treatment and diagnosis over telehealth. The company had previously disclosed $36 million in funding.

Counsel sells its service through business partners. Counsel's service is available through the company's enterprise partnerships, including health plans, health systems, consumer health organizations, and employers. Counsel's founder and chief executive, Muthu Alagappan, said that continuous health data can make medical AI more relevant to each person.

How the deal fits Oura's plans

Oura said the acquisition would let its app users chat with Counsel's medical AI and, when needed, reach a licensed physician quickly. After the acquisition, Oura users will be able to talk directly with Counsel's medical AI in the app to receive personalized advice and, when needed, be connected to licensed physicians within minutes.

The company pointed to its growth and user base as the basis for the purchase. Oura said its record growth of 153 percent this quarter and its over six million members gave it the confidence to spend $625 million on Counsel. The growth figure refers to its most recent fiscal fourth quarter.

The deal also comes shortly after a setback for Oura's public-market plans. STAT reported that Oura just over a month ago delayed plans to go public over market uncertainty.

What happens to Counsel's existing business

Counsel's current customers are not expected to be cut off. Counsel will keep selling to health plans, health systems and employers after the deal. Oura also said that among surveyed Oura members who use Counsel, more than 90% said their Oura data helped them get better care, Oura says. That figure comes from Oura's own survey and has not been independently verified.

Why it matters for US investors

Oura has not listed its shares, so the deal does not give public-market investors a direct stake in either company. For investors who follow the sector, the transaction is a signal that consumer wearable makers are moving into primary care and AI-driven medical services. STAT described the deal as reflecting a growing desire to connect consumer wearable devices to clinical care as well as the conviction that AI chatbots will be an important part of health care.

The announcement did not say how the acquisition would affect Oura's revenue or profit, and no listed company was named as a party to the deal. Investors tracking wearables, telehealth and health-plan technology may want to watch whether Oura completes the acquisition by year-end and how the combined service is priced and adopted.

OuraCounsel Healthdigital healthwearablesartificial intelligencetelehealth

Sources

Written with AI assistance on Nov 10, 2:01 PM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.