Clarivate Plc (NYSE:CLVT) has entered into an agreement to acquire the majority of assets of MotionHall, a Silicon Valley technology start-up.
MotionHall serves life sciences with vertical artificial intelligence (AI) solutions. The financial terms of the transaction were not revealed.
The acquisition will help as a key component of the Clarivate Life Sciences & Healthcare strategy to deliver transformative intelligence through the application of generative AI (GenAI) and AI solutions.
The acquisition of intellectual property, clients and team from MotionHall would boost multiple roadmaps, including targeted enhancements to Clarivate Cortellis, market assessments, and a new Business Development & Licensing Enterprise Workbench.
"As part of our strategy, Clarivate will enhance existing products and introduce novel solutions utilizing AI, to streamline clients' workflows and accelerate speed to insight and action," said Henry Levy, President, Life Sciences & Healthcare, Clarivate.
Clarivate held $370.7 million in cash and equivalents as of December 31, 2023.
Price Action: CLVT shares are trading higher by 4.06% at $7.69 in premarket on the last check Thursday.
Photo via Shutterstock