3M Company acquired M*Modal (technology business) for $1.0 billion (approximately $0.7 billion cash net of cash acquired plus assumption of approximately $0.3 billion of debt), structured as Cash acquisition of all ownership interests of the technology business, plus assumption of debt.
M*Modal (technology business) operates in Health Care (Health Information Systems), is based in Based in Pittsburgh, Pennsylvania, had revenue of about Approximately $300 million net sales included in 3M's 2019 results (partial-year, post-close). 3M acquired all of the ownership interests of the technology business of M*Modal for $0.7 billion of cash, net of cash acquired, and assumption of $0.3 billion of M*Modal's debt. Based in Pittsburgh, Pennsylvania, 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.
Expand 3M's Health Information Systems business with AI-powered clinical documentation technology.
Leading provider of cloud-based, AI-powered clinical documentation systems that complement 3M's Health Information Systems business. 3M Health Information Systems business (Health Care segment) Completed in February 2019; reported within 3M's Health Care business. Purchase consideration allocation completed in Q4 2019.
Advisory firms were not disclosed for this transaction.