IDEXX Laboratories has acquired CoVetAI, a provider of artificial intelligence-based ambient listening and clinical workflow software for veterinary practices.
According to the company’s release, the deal will increase “diagnostic utilization by surfacing relevant patient insights at key clinical decision points.” CoVet automates the capture and organization of patient information — from initial consultations to treatment planning — to reduce the daily documentation burden on veterinary staff. IDEXX plans to integrate CoVet into its cloud-based software ecosystem, which currently serves more than 10,000 clinics globally. However, the release noted that CoVet will also continue to support non-IDEXX practice management systems.
IDEXX President and CEO Mike Erickson stated that as veterinary practices manage growing complexity and generate more data, “clinical teams need better ways to capture, connect, and use that information.” He noted that incorporating CoVet’s workflow capabilities will help professionals operate more efficiently and unlock greater value from clinical data.
Financial terms of the transaction were not disclosed.
This is the latest in a string of industry moves as diagnostic companies, distributors, and others aim to win an ecosystem arms race by expanding into software and AI.