Veradigm Inc. (NASDAQ: MDRX), a Chicago, IL-based provider of healthcare data and technology products and solutions, is to acquire ScienceIO, a language model company for healthcare.
The transaction has been unanimously approved by the Veradigm Board of Directors and is expected to close following the satisfaction of customary closing conditions. The transaction will be funded through cash on hand and is not subject to a financing condition. The purchase price to be paid for ScienceIO is $140 million in cash (subject to customary adjustments for cash, indebtedness, working capital and transaction expenses).
Founded in 2019, ScienceIO is an AI platform and foundation model provider for healthcare. ScienceIO’s models power diverse healthcare use cases while preserving patient privacy – including patient anonymization, record linkage, information extraction, summarization and predictive analytics.
Through the acquisition, Veradigm expects to:
- Leverage ScienceIO’s AI platform to create its own proprietary large language models on Veradigm’s rich data set, which spans a comprehensive network of over 400,000 providers and over 200 million patients, while ensuring data integrity and patient privacy;
- Fast track the launch of new features across Veradigm’s business to enhance the customer experience. This injection of AI is an investment across the entire Veradigm portfolio including the Provider, Payer, and Life Science businesses;
- Provide the company with a growth engine for the future by repositioning Veradigm as a leader in the healthcare data intelligence market; and
- Deliver value to customers and outcomes to patients throughout the healthcare ecosystem.
Led by Dr. Yin Ho, Interim CEO, Veradigm is a healthcare technology company that drives value through a combination of platforms, data, expertise, connectivity, and scale. The Veradigm Network features a dynamic community of solutions and partners providing advanced insights, technology, and data-driven solutions for the healthcare provider, payer, and biopharma markets.
Led by Will Manidis, CEO, ScienceIO is a language model company for healthcare. The ScienceIO platform empowers professionals and organizations with secure, responsible AI to streamline workflows, improve decision-making and enhance patient outcomes. Its language models are purpose-built to transform complex medical text into usable data and actionable insights.
FinSMEs
27/02/2024