Francisco Partners, a San Francisco-based private equity firm, said Monday it has acquired Qualcomm Life, a subsidiary of the San Diego chipmaker that focuses on connecting medical devices to software applications installed at hospitals and other healthcare organizations.
Terms of the deal between Qualcomm (NASDAQ: QCOM) and Francisco Partners weren’t disclosed.
The company will be renamed Capsule Technologies, or CapsuleTech for short. The “Capsule” name is not new: It’s one of Qualcomm Life’s two business segments. Capsule, founded in 1997 and acquired by Qualcomm in 2015, sells hospitals software to connect medical devices with clinical information systems. Capsule’s products are in use at about 2,000 hospitals in 40 countries, Francisco Partners said.
The second business segment within CapsuleTech is 2net, a wireless medical device connectivity platform Qualcomm launched in 2011.
CapsuleTech will operate as an “independent entity” under Francisco Partners’ ownership, according to a news release.
“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,” Chris Adams, partner with Francisco Partners, said in the release.
Qualcomm Life president Rick Valencia will act as an advisor to CapsuleTech as it transitions from subsidiary to standalone company, according to Francisco Partners. The firm did not provide a timeline for the transition in the release.
Francisco Partners, which invests primarily in technology businesses, has raised more than $14 billion in capital and invested in more than 200 tech companies since its founding nearly 20 years ago, according to the company.