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3M to Acquire M*Modal’s Technology Business

3M Co. (NYSE: MMM – $188.18) said it has entered into a definitive agreement to acquire the technology business of M*Modal for a total enterprise value of $1.0 billion. M*Modal is a leading healthcare technology provider of cloud-based, conversational Artificial Intelligence-powered systems that help physicians efficiently capture and improve the patient narrative, so they can spend more time with their patients and provide higher quality of care. 3M will maintain a strategic business relationship with M*Modal’s remaining transcription, scribing and coding services business, which is not part of this transaction, to help ensure continuity and strong customer support. Annual revenue of M*Modal’s technology business is estimated to be about $200 million. The business will be combined with 3M’s Health Information Systems unit that works with more than 8,000 healthcare organizations worldwide to deliver software and services across the continuum of care. The division includes the 3M 360 Encompass software platform that combines clinical documentation systems and risk assessment methodologies to help accurately capture, analyze and advance patient information.

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