News Karnataka
Wednesday, June 29 2022
Business News

IBM sells its Watson healthcare assets to Francisco Partners - 1 min read

IBM sells its Watson healthcare assets to Francisco Partners
Photo Credit : IANS

San Francisco: IBM has announced to sell healthcare data and analytics assets from the company (currently part of the IBM Watson Health business) to Francisco Partners, a leading global investment firm.

Although financial terms of the transaction were not disclosed previous reports pegged the value at around $1 billion.

The assets acquired by Francisco Partners include extensive and diverse data sets and products, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.

The transaction is expected to close in the second quarter of this year, IBM said in a statement late on Friday.

“The agreement with Francisco Partners is a clear next step as IBM becomes even more focused on our platform-based hybrid cloud and AI strategy,” said Tom Rosamilia, Senior Vice President, IBM Software.

“IBM remains committed to Watson, our broader AI business, and to the clients and partners we support in healthcare IT.”

Watson was one of IBM’s highest-profile initiatives in recent years and a big bet on the growing healthcare sector.

As is well known, IBM currently has a market value of $108 billion, way behind its Cloud-computing rivals like Amazon and Microsoft.

In its fourth quarter, cognitive applications revenue, which includes Watson Health, came to $1.5 billion, a decrease of 2 per cent year over year.

IBM Watson was one of the “strategic imperatives” under former CEO Ginni Rometty.

“We have followed IBM’s journey in healthcare data and analytics for a number of years and have a deep appreciation for its portfolio of innovative healthcare products,” said Ezra Perlman, Co-President at Francisco Partners.

See also  IBM likely to sell Watson Health for $1 bn: Report

Under the terms of the agreement, the current management team will continue in similar roles in the new standalone company, serving existing clients in life sciences, provider, imaging, payer and employer, and government health and human services sectors.

MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Subscribe to our Podcast across platforms
AnchorAmazon MusicSpotifyGoogle PodcastsRadio PublicRSS

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

Subscribe Newsletter

Get latest news karnataka updates on your email.

To get the latest news on WhatsApp