3M Co. pays $1 billion for M*Modal's technology business

3M Co. has completed the $1 billion acquisition of M*Modal's technology business, officials announced Friday.

The move is expected to expand 3M's Health Information Systems business by giving it M*Modal cloud-based and conversational Artificial Intelligence powered systems that help doctors capture patient information.

M*Modal, which generates about $200 million in revenue a year, will add a new tool to 3M's Health Information Systems. The 3M entity already provides software and services to about 8,000 healthcare organizations worldwide, officials said.

"Adding M*Modal's technology business to 3M's Health Information Systems will enable physicians to improve the patient experience, while enhancing documentation accuracy and operational efficiency for both providers and payers," 3M officials said.