Acquisition positions standalone company to focus on growth opportunities
PRESS RELEASE – February 11 2019
SAN FRANCISCO AND SAN DIEGO – Francisco Partners (“FP”), a leading technology-focused private equity firm, today announced it has acquired Qualcomm Life, Inc. a wholly owned subsidiary of Qualcomm Incorporated that offers end-to-end medical device connectivity across the continuum of care.
Qualcomm Life will be separated from Qualcomm, be renamed as Capsule Technologies, Inc. (“CapsuleTech”), and continue operating its two distinct business segments: Capsule (a leading provider of medical device connectivity solutions for hospitals) 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,” said Duane Nelles, Senior Vice President of Corporate Development at Qualcomm Incorporated. “We look forward to our partnership with the FP team as they grow CapsuleTech as an independent entity.”
“FP’s acquisition will help Qualcomm Life (now CapsuleTech) continue to deliver market leading products and services to its world class customer base,” said Rick Valencia, former President of Qualcomm Life, who will support CapsuleTech as an advisor in its transition to a standalone company.
Capsule is a leading medical device connectivity platform that connects medical devices to clinical information systems in over 2,000 hospitals in approximately 40 countries. Through Capsule’s connected devices, networking solutions, and intelligent software applications, hospitals can capture and visualize clinical data to monitor patient health and improve patient care.
“Capsule is a key enabler of the digital hospital and is a trusted choice among hospital clinicians, IT administrators, and healthcare IT vendors,” said Chris Adams, Partner with Francisco Partners. “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.”
2net provides wireless mobile device connectivity via cloud-based solutions so biometric information is easily accessible by device users, health care providers, and payors. 2net’s customers include leading health insurance payors, pharmaceutical companies, and medical device manufacturers.
“Capsule and 2net will continue to drive increased focus on their respective customers, deliver mission critical solutions and provide exceptional service,” said Justin Chen, Vice President with Francisco Partners. “We look forward to supporting the talented employees and management team going forward.”
Centerview Partners served as financial advisor and DLA Piper LLP served as legal advisor to Qualcomm Incorporated. Kirkland & Ellis LLP served as legal advisor to Francisco Partners. Terms of the transaction were not disclosed.
Capsule is the leading global provider of medical device connectivity solutions for hospitals. Through its medical device technology and software, Capsule integrates with clinical information systems to capture more data, reduce manual efforts and cost, and improve patient care. Capsule’s medical grade solution is device and IT system agnostic, which enables it to meet the needs of any hospital or health system worldwide. Founded in 1997, Capsule has established strategic partnerships with leading medical device manufacturers and is installed in over 2,000 hospitals in 40 countries. For more information, please visit www.capsuletech.com.
Founded in 2011, 2net is a medical grade mobile connectivity platform for third party application and device manufacturers focused on home and ambulatory use cases. 2net™ Platform and Hub unlock vital health and therapy data for integration with virtually any system, application or portal. The products interconnect wireless medical devices via cloud-based solutions so that biometric information is easily accessible by device users, health care providers and payors, and caregivers. 2net has over 40 customers and collaborators across health insurance payers, pharmaceutical companies, and medical device manufacturers. For more information, please visit www.2net.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch over 19 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
Dave Levy, 617-334-5389, firstname.lastname@example.org