WASHINGTON (dpa-AFX) - Veeva Systems announced it has acquired Ostro for approximately $100 million in cash and long-term equity retention grants.
Ostro provides an AI-driven brand engagement platform that enables patients and healthcare professionals to receive compliant answers and information through conversational chat interfaces on pharmaceutical brand websites.
'AI has changed how people get information. It's no longer about how much information you can put out there, it's about how easy it is for customers to get answers,' said Veeva CEO Peter Gassner. 'Ostro is leading the way in helping brands ensure patients and doctors have instant access to accurate information. We're excited to welcome Ostro to the Veeva team as we shape the future of AI-powered customer engagement.'
'We're focused on shortening the time it takes to identify and treat health conditions,' said Chase Feiger, MD, CEO of Ostro. 'Brand content should be effortless to access and fully compliant by design. We built Ostro to remove friction so patients and doctors can get trusted answers with less clicking, thinking, and scrolling. With Veeva, we can bring that experience to many more patients, doctors, and brands.'
Following the acquisition, Ostro will operate as an independent unit led by its CEO, Chase Feiger.
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