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
- Industry
- Healthcare Services
- Location
- Pennsylvania, United States
- Transaction Type
- Divestiture
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