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Falcon Advises Capsule Technologies, a Portfolio Company of Francisco Partners, in the Divestiture of its 2net Remote Patient Monitoring Business to Philips Healthcare

WAYNE, PENNSYLVANIA – April 30, 2020: Falcon Capital Partners, LLC (“Falcon”), a leading middle-market investment bank, is pleased to announce the divestiture of 2net’s Remote Patient Monitoring business within Capsule Technologies (“CapsuleTech”), a portfolio company of Francisco Partners (“FP”), to Philips Healthcare Informatics, Inc. (“Philips”). CapsuleTech is the rebranded entity of Qualcomm Life.

Qualcomm Life was one of the first telemedicine companies to target the challenges faced by healthcare providers in gathering digital health data. Its 2net Hub was developed as a portal to handle data from clinical-facing devices – medical or clinical grade data – as opposed to data gathered and stored on consumer products or entered by the patient. The company hit its stride just as consumer-facing wearables like activity trackers and smartwatches were showing up on the connected health radar and patients were asking their doctors and nurses to include step counts and sleep measurement in care management plans. (Source: mHealth Intelligence)

In February 2019, FP acquired Qualcomm Life, Inc. a wholly owned subsidiary of Qualcomm Incorporated and renamed as Capsule Technologies, Inc. to 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). 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. 2net’s revenue is generated from two primary product lines: Motion and RPM (Remote Patient Monitoring). The assets of 2net Motion were divested and acquired earlier in 2019 by UnitedHealthcare.

Philips has continued to grow its healthcare information technology set of solutions with several acquisitions over the last few years. By adding the assets of 2net to its population health management portfolio, Philips will continue to integrate solutions for care providers and patients.

Falcon served as sole financial advisor to Capsule Technologies and Francisco Partners. The terms of the transaction were not disclosed.

This transaction represents Falcon’s continued work in healthcare information technology (HCIT) and its fourth corporate divestiture in two years. The Falcon deal team was led by Managing Director Ted Stack and Senior Associate Conrad Olenik. For more information please contact Ted at tstack@falconllc.com, 610-989-8901 or Conrad at colenik@falconllc.com, 610-989-8905.