The M*Modal company develops cloud services which, using artificial intelligence, help doctors with work and improve care of patients due to collecting and data analysis. The headquarters of M*Modal is in Pittsburgh, the State of Pennsylvania, the USA.
History
2018: 3M purchased technology business of M*Modal for $1 billion
On December 19, 2018 company 3M announced that it buys technology business of M*Modal for $1 billion. This transaction is designed to strengthen medical division 3M of Health Information Systems which will get access to dialogue AI programs of M*Modal for doctors.
Before merger of M*Modal the product portfolio 3M in the field of health care includes software for work with clinical documentation and the systems of risks assessment which carry out collecting and data analysis of patients for health workers. Having got access to experience of M*Modal in the field of artificial intelligence, 3M intends to strengthen positions in the highly competitive medical sector. For the end of 2018 3M cooperates about more than 8 thousand medical organizations worldwide.
The executive vice president of division 3M of Healthcare Business Group Mike Vale said that the concluded bargain reflects the development strategy of the company and expands possibilities of platform 3M for revenue management and assessment of priorities in ensuring health of the population. Investing means in information technology development for health care, company 3M wishes to improve service quality of patients, at the same time increasing the accuracy of maintaining documentation and efficiency of both medical institutions, and the companies (for example, insurance) which work with them, the press release says.
After closing of the transaction 3M will employ about 750 employees of M*Modal who will be employed in 3M of Health Information Systems. It is noted that the annual turnover of the sold technology division of M*Modal makes about $200 million, and revenue 3M of Health Information Systems in 2017 was measured of $[1]
Notes
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