Veeva Systems Acquires Ostro for $100 Million

MT Newswires Live

03/11

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

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