Qualcomm (NASDAQ:QCOM) medical-device focused subsidiary Qualcomm Life has been sold to private equity firm Francisco Partners and renamed to Capsule Tech, as it will now function as a stand-alone business, the PE firm said yesterday.
The companies did not reveal any financial details about the transaction, but said that Capsule Tech will continue to operate its two distinct businesses: Capsule, a medical device connectivity solutions provider and 2net, a medical grade mobile connectivity platform.
“Francisco Partners’ deep experience in healthcare technology and proven track record in nurturing and growing technology businesses will enable CapsuleTech’s loyal base of employees to continue delivering innovation. We look forward to our partnership with the FP team as they grow CapsuleTech as an independent entity,” Qualcomm corp dev senior VP Duane Nelles said in a press release.
“Capsule is a key enabler of the digital hospital and is a trusted choice among hospital clinicians, IT administrators, and healthcare IT vendors. As hospitals continue to adopt data-driven approaches to managing patient care, Capsule stands to benefit by serving as a centralized connectivity hub for clinical information. We are excited to partner with Capsule and to help the team capitalize on new innovations in device technology and software applications,” Francisco Partners partner Chris Adams said in a prepared statement.