Oura, the Finnish-born maker of the Oura Ring, agreed to buy Counsel Health for $625 million in cash, moving from tracking its members’ health toward treating them.
Counsel combines a medical chat assistant with its own board-certified physicians, who can step into a conversation to diagnose, prescribe and refer. Its service has been available inside the Oura app since June. The companies said Counsel will keep serving health plans, health systems and employers after the deal, which gives Oura a route to patients who don’t wear its ring. Counsel founder and Chief Executive Muthu Alagappan, a physician, will join Oura, where he is expected to become chief clinical AI officer.
Cash from a shelved IPO
The purchase comes weeks after Oura postponed indefinitely an initial public offering that could have raised up to $2.2 billion, citing uncertainty in the IPO market. Instead of new public capital, Oura is spending cash from operations. Alongside the deal it reported preliminary, unaudited revenue of $533 million for the quarter ended Sept. 30, up 153% from a year earlier, and adjusted Ebitda of $87 million. Revenue for its fiscal year was about $1.75 billion, up 92%, and the company says it has more than six million members.
The price is steep for a young company. Counsel raised a $25 million Series A about a year ago led by Andreessen Horowitz and GV. Oura was valued at $11 billion after a $900 million round in October 2025.
Why a ring maker wants doctors
Oura has led the smart-ring market for years but faces cheaper rivals such as RingConn and Ultrahuman, and wearable makers broadly are trying to turn data into paid services. Oura’s executive chairman, David Shuman, said the deal expands the company’s addressable market and raises the lifetime value of each member. The transaction is expected to close before year-end. Latham & Watkins advised Oura.
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