In a recent development, Qualcomm Technologies, Inc., which is a subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), has announced that the company has signed an agreement to sell Vuforia – its Augmented Reality business to PTC.

According to media reports, PTC (NASDAQ: PTC), a US-based technology firm, which is well known for its 2D and 3D computer-aided-design software has purchased Qualcomm’s augmented reality business Vuforia for $65 million.

In a deal which is expected to close by the end of 2015, PTC will also acquire the developer ecosystem along with augmented reality platform Vuforia.

As per a report in Xconomy , a PTC press release says that “Vuforia unlocks a world of possibilities for creating new ways to design products, to monitor and control products, and to instruct operators and technicians in the appropriate methods of use and service.”

Qualcomm’s decision to sell its Augmented Reality business comes months after it had announced to cut its global workforce by 15% to save cost.

However, Qualcomm says that it will “continue to drive computer vision technology that will unlock a wide variety of applications for consumers and businesses around the world.”

Jay Wright, who is the vice president of Vuforia, Qualcomm Connected Experiences, Inc., gave a statement saying that “The Vuforia team has made incredible progress establishing augmented reality as a medium for leading brands to reach millions of consumers around the globe.”

While talking about his plans to lead Vuforia in the future, he said that “I look forward to leading the team under PTC.”

According to reports Derek Aberle, President of Qualcomm Incorporated said that “Qualcomm always looks to push the boundaries of what is possible with computer vision. By leveraging the Company’s mobile technology leadership, Vuforia has become the platform of choice for developers of augmented reality applications.”

“We share PTC’s vision for a connected world and look forward to seeing the Vuforia mobile platform continuing to flourish under PTC’s leadership. Qualcomm will continue to drive computer vision technology that will unlock a wide variety of applications for consumers and businesses around the world, ” he added further.

This is really a great deal for PTC, which is looking forward to adding Augmented Reality technology to its Internet of Things Business.

[Total: 0 Average: 0/5] You must sign to vote You must sign to vote