Jade Systems, a technology and manufacturing company, will invest $1 billion to expand its manufacturing business and create its own technology platform to compete with the likes of Apple Inc., Cisco Systems Inc., Hewlett Packard Co. and Intel Corp. to win customers in a market dominated by Apple Inc. and Cisco Systems, according to a filing with the Securities and Exchange Commission.
The announcement comes as the technology and medical device giant has struggled to grow its business.
The company announced in October that it was closing two of its medical device plants and cutting 1,000 jobs, as well as laying off hundreds of employees.
The layoffs came as Jade Systems and its competitor, the health software maker Verint Inc., struggled to make significant revenue.
In its filing with regulators, Jade Systems said the investment would “support our ability to accelerate the development and adoption of the next generation of products and processes, including those related to healthcare, and enhance the quality of our product portfolio.”
Jade Systems’ filing said that the investment will also “facilitate and expand our capabilities and accelerate the delivery of our products and services to healthcare providers, patients, and health care professionals.”
The company said it would invest in its technology, manufacturing and services and expand its own supply chain.
Jade Systems was founded in 2012 by former Hewlett-Packard employees.
Jade Systems’ stock price has risen over the past year, rising more than 6% in the first half of this year to more than $13 per share.