Qualcomm to Spin Off Gimbal Unit

Just a few months after kicking off the sale of its Apple iBeacon competitor Gimbal, parent company Qualcomm has decided to spin the bluetooth technology company off into a stand-alone business that will be known as Gimbal from May 2014 onward.

Gimbal, like iBeacon, is a bluetooth based technology that creates proximity-based networks within buildings that communicate with smartphones when they come into range. Qualcomm has previously specialized in mobile chips for consumer device makers, and has put Gimbal into the hands of third-party investors to run as a separate company that caters more exclusively to the needs for retailers.

Qualcomm has said it will remain a substantial investor in the new venture. The company has not disclosed other investors accept for the Hatch LBS Fund and sports conglomerate AEG.

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