Veeva Systems (VEEV) said Tuesday it acquired Ostro, an AI-driven engagement platform for life sciences, for about $100 million in cash and long-term equity retention grants.
The platform uses conversational AI, semantic search and industry-specific compliance safeguards to deliver responses without producing unverified content, Veeva said.
Ostro will operate as an independent unit led by Chief Executive Chase Feiger, with plans to integrate the platform over time into Veeva's Commercial Cloud applications, Veeva said.
Shares of Veeva Systems were down 2.1% in Tuesday trading.
Price: 191.21, Change: -4.36, Percent Change: -2.23
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments