3M closes $1B M*Modal buy

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3m M*Modal

3M (NYSE:MMM) said today that it closed its approximately $1 billion acquisition of health information tech developer M*Modal.

Franklin, Tenn.-based M*Modal develops cloud-based, conversational artificial intelligence-powered software platforms. The company’s products are intended to allow physicians “capture and improve the patient narrative,” to allow them to gain more face time with the patient and improve quality of care, St. Paul, Minn.-based 3M said.

Annual revenue for M*Modal’s tech business is estimated at approximately $200 million, 3M said in a press release. The company added that it plans to integrate the newly acquired tech into its health information systems.

3M said that the financial impact of the buy was included in its recently reported full-year 2019 guidance.

Shares in 3M have dropped 1.3% today, at $196.53 as of 10:55 a.m. EST.

Late last month, 3M reported flat fourth quarter profits for its healthcare business, but saw them rise overall for the year as it posted consensus-topping earnings for its last quarter and full 2018 year.

The post 3M closes $1B M*Modal buy appeared first on MassDevice.

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