3M closes $1B M*Modal buy
Summary
3M (NYSE:MMM) said today that it closed its approximately $1 billion acquisition of health information tech developer M*Modal. The company’s products are intended to allow physicians to “capture and improve the patient narrative,” to allow them to gain more face time with the patient and improve quality of care, St. Paul, Minn.-based 3M said. Annual revenue for M*Modal’s tech business is estimated at approximately $200 million, 3M said in a press release. The company added that it plans to integrate the newly acquired tech into its health information systems. 3M said that the financial impact of the buy was included in its recently reported full-year 2019 guidance.
Funding
Amount
$1.0B
Total raised
Date
February 4, 2019
Announcement date
Investors
-
Lead investors
Company
-
Funded company
Classifications
industries
HealthTech
applications
Computer Utilities
AskAI Classifications
Labels
No AI classifications detected
Linked Companies
M*Modal
$100M to $250M