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January 21, 2022 04:45 pm

IBM Sells Some Watson Health Assets for More Than $1 Billion

IBM agreed to sell part of its IBM Watson Health business to private equity firm Francisco Partners, scaling back the technology company's once-lofty ambitions in health care. From a report: The value of the assets being sold, which include extensive and wide-ranging data sets and products, and image software offerings, is more than $1 billion, according to people familiar with the plans. The deal "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." IBM launched Watson Health in 2015 with the aim of using its core artificial intelligence platform to help health care providers analyze troves of data and ultimately revolutionize cancer treatment. Many of the company's ambitions haven't panned out, though, and some customers have complained that its products didn't match the hype. Even after spending roughly $4 billion in acquisitions to prop up the initiative, Watson hasn't delivered the kind of progress IBM initially envisioned and the unit wasn't profitable. Last year, the Wall Street Journal reported the unit generated about $1 billion of annual revenue.

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