Qualcomm Inc. sold its mobile health subsidiary, Qualcomm Life, to a San Francisco private equity firm. Francisco Partners acquired the division on Monday for an undisclosed amount.
The company will be renamed Capsule Technologies Inc. Former Qualcomm Life President Rick Valencia will continue to serve as an advisor to the company as it transitions to Francisco Partners’ leadership.
“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,” Duane Nelles, senior vice president of corporate development at Qualcomm, said in a news release. “We look forward to our partnership with the FP team as they grow CapsuleTech as an independent entity.”
Qualcomm Life was first formed in 2011, with a $100 million fund to invest in up-and-coming wireless health companies. Its first product, 2net, pulls and organizes biometric data from health devices used at home, such as blood glucose monitors.
The company’s other segment, Capsule, was acquired by Qualcomm Life in 2015. The technology integrates data from medical devices in a hospital setting, and is currently used in more than 2,000 hospitals.
“Capsule and 2net will continue to drive increased focus on their respective customers, deliver mission critical solutions and provide exceptional service,” Justin Chen a vice president with Francisco Partners, said in a news release. “We look forward to supporting the talented employees and management team going forward.”