Oura is buying Counsel Health for $625 million after postponing an IPO
The smart-ring maker cited uncertainty in the IPO market, then moved to buy the physician-supervised service it says can take members to a doctor, often within minutes, in the app.
By Connor O'Brien ·
Why it matters: A smart ring that already measures the body day and night is trying to own the doctor visit that can follow, if you share the data.
For information only, not investment advice.
Oura agreed on November 10 to acquire Counsel Health, its physician-supervised care partner since May 2026, for $625 million, TechCrunch reported.21 Oura says the deal is meant to take members from understanding their health to acting on it, including care from a licensed physician, often within minutes.2 That report also said it comes a few weeks after Oura postponed an up-to-$2.2 billion IPO, citing “uncertainty in the IPO market,” and that Counsel's service was in the app as of June.1 That is the bet: own the path from a ring reading to a doctor.
“Getting care is increasingly difficult due to a confluence of higher healthcare costs, a shortage of doctors, and limited time allotted to live doctor-patient visits,” said Tom Hale, Oura's CEO.2 Oura says a typical U.S. primary care visit lasts about 18 minutes, and the country could be short as many as 86,000 physicians by 2036.2 Buying Counsel does not fill that shortage. It routes members into a care channel Oura would own.
Counsel physicians can see a member's Oura data and past conversations only with permission, Oura says, and more than half of Counsel users in Oura Labs have shared their Oura data.2 Muthu Alagappan, Counsel's founder and CEO, said the service keeps physicians in the loop for clinical decisions.2 Oura also says Counsel will keep serving health plans, health systems, and people who do not wear the ring.2 That still leaves Oura buying a care business.
Oura says the acquisition is expected to close near the end of 2026; TechCrunch says before the end of 2027.21 Neither date should be treated as settled. The idea Oura is paying for is a smart ring that can send you to a doctor in the same app.
Sources
Tags: mergers-acquisitions · healthcare-pharma · ai · ipo