Thursday, October 31, 2013

NantWorks Buys Alcatel-Lucent's Digital Multimedia Solutions Business

Los Angeles-based NantWorks, the investment and umbrella company for the projects of billionaire Dr. Patrick Soon-Shiong, announced a deal today with Alcatel-Lucent, where Nantworks will acquire Alcatel-Lucent's Digital Multimedia Solutions business unit. Financial details of the acquisition were not announced. Alcatel-Lucent said its DMS unit develops technology for the areas of advance television, new media, digital advertising, retailing services, and health. NantWorks said it will use the business to help launch its mobile-based health and image recognition mobile solutions further into the market. As part of the acquisition, NantWorks has opened up a new, research and development center in Haifa, Israel. Alcatel-Lucent's Digital Multimedia Solutions business came out of the 2006 acquisition of an Israeli startup called Mobilitec, which was estimated to be worth $75M at the time.