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Qualcomm said Monday that it has sold its Vuforia augmented reality platform for $65 million, but the buyer isn’t one of the big names in tech.

Instead, the buyer is PTC, a Needham, Mass.-based Internet-of-Things company.

Re/code first reported last month that Qualcomm was soliciting bids for Vuforia as part of its effort to cut costs and focus on its key mobile business.

Vuforia’s technology lets people use their smartphone or tablet to bring advertisements, toys and other real-world objects to life. The effort has attracted a notable base of developers, but augmented reality remains more of a novelty than a big business.

The deal is expected to close later in 2015. Qualcomm VP Jay Wright, who has been running the business, will move over to PTC and continue to lead the Vuforia effort.