TELEO Capital Management has announced it has acquired SmartFactory Rx from Applied Materials.

SmartFactory Rx is a pharmaceutical manufacturing intelligence platform.

TELEO, founded in 2018 and based in Boise, Idaho, is a private equity firm targeting opportunities in healthcare IT, software and technology, business services and industrial sectors. The firm prefers to invest $10 million to $30 million per platform in companies with $10 million to $100 million in revenue.

Applied Materials (NASDAQ: AMAT), founded in 1967 and based in Santa Clara, California, is a global supplier of semiconductor manufacturing equipment.

Terms of the transaction were not disclosed. SmartFactory has been rebranded as Modersys as part of the transaction.