3M Acquires M*Modal's Technology Business

December 19, 2018

3M has entered into a definitive agreement to acquire the technology business of M*Modal for an enterprise value of $1.0 billion, expanding 3M Health Information Systems' capabilities in conversational AI and clinical documentation. The acquired business, based in Pittsburgh, Pennsylvania, generates approximately $200 million in annual revenue and about 750 employees are expected to join 3M; M*Modal will retain its transcription, scribing and coding services business.

Buyers
3M
Targets
M*Modal (technology business)
Sellers
M*Modal
Location
Pennsylvania, United States
Transaction Type
Divestiture

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