TELEO Capital Management has acquired Smart Factory Rx, a pharmaceutical manufacturing intelligence platform, from Applied Materials. Smart Factory Rx has been rebranded as Modersys following the transaction.

Founded in 2018, TELEO Capital is a private equity firm based in Boise, Idaho, focusing on healthcare IT, software, technology, business services, and industrial sectors. The firm typically invests between $10 million and $30 million per platform in companies generating $10 million to $100 million in revenue.

Applied Materials, a global semiconductor manufacturing equipment supplier established in 1967, sold the Smart Factory Rx business. The specific terms of the acquisition were not disclosed.