Smart ring maker Oura has agreed to acquire AI-powered healthcare company Counsel Health for US$625 million (approximately A$960 million), as it looks to expand beyond wearable technology and move further into personalised healthcare.

The acquisition was announced on November 10 and will bring Counsel Health’s on-demand medical advice and physician services into Oura’s health intelligence platform.

Counsel Health combines AI with access to licensed doctors, with users able to discuss health concerns via a digital platform and become connected with a physician when necessary. 

It offers medical advice, prescriptions, laboratory result reviews, chronic disease support and referrals.

The acquisition is expected to mean a more personalised health offering, with Oura members’ collected data from their smart rings combined with Counsel’s medical AI platform. 

Oura’s wearables track a range of health indicators, such as sleep, activity, heart rate, stress and other biometric measurements. By combining this information with Counsel’s medical expertise, the company aims to develop a more proactive approach.

Oura chief executive Tom Hale said the acquisition would help members better understand their physiology and take action based on the insights provided by their devices.

The deal builds on an existing partnership between the two companies, which has already allowed Oura members to access Counsel through the Oura app.

The acquisition comes as Oura reports significant financial growth, with revenue increasing 153% year-on-year to US$533 million for the fiscal fourth quarter ended September 30, 2026.

For the full 2026 financial year, the company generated approximately US$1.75 billion in revenue, representing 92% growth compared with the previous year. Oura also reported US$87  million in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the fourth quarter, equivalent to a 16% margin.

Oura said it had also surpassed six million members, highlighting the growing consumer demand for wearable health technology.

Oura plans to acquire Counsel Health for US$625 million in cash, subject to purchase price adjustments. The transaction is expected to close before the end of 2026, subject to customary closing conditions.

Following the acquisition, Counsel will continue serving its existing partners, including health plans, healthcare providers and employers, with the companies aiming to extend the service beyond Oura’s existing customer base.