IBM Watson Health is selling off its healthcare data and analytics assets to a private equity firm, only a month after the unit debuted new artificial intelligence-based imaging technology.

The deal signals that IT giant IBM (IBM) is stepping back from its ambitions in the healthcare space as it focuses on building hybrid cloud computing capabilities, an effort that has accelerated since Arvind Krishna took over the CEO position in 2020.

IBM stood up Watson Health as a separate business unit in 2015 with the goal of using data to help doctors, researchers, and insurers solve some of healthcare’s biggest problems. The company invested in a series of deals to acquire healthcare data, and took on challenges ranging from improving diabetes care to overhauling cancer treatment.

But the bold bet didn’t pan out. The Wall Street Journal reported nearly a year ago that Watson Health generated around $1 billion in annual revenue and no profit, and that IBM was considering selling the business.

Read the full article at CNN.