Qualcomm, which has been soliciting bids for its Vuforia business in order to reduce costs and focus on mobile efforts, announced yesterday that it has sold its augmented reality platform to Massachusetts-based Internet of Things company PTC for $65 million. The deal is expected to close later this year. “Vuforia’s technology lets people use their smartphone or tablet to bring advertisements, toys and other real-world objects to life,” explains Re/code. “The effort has attracted a notable base of developers, but augmented reality remains more of a novelty than a big business.”