Veeva Systems has acquired Ostro, a brand engagement platform for life sciences that gives patients and doctors immediate, compliant answers through an AI-driven chat experience.
Shutterstock - Andrii Yalanskyi
Acquisition concept
Ostro-powered brand websites allow customers to easily ask questions and receive approved information, resources, and next steps in real-time. Leveraging this rich engagement data, Ostro also generates deep insights brands use to improve reach and engagement.
Ostro utilises a combination of conversational AI, semantic search, and industry-specific business rules and guardrails. Responses are 100% compliant and drawn from MLR-approved materials. Unlike other AI solutions, Ostro does not hallucinate or generate novel responses.
“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.”
Veeva acquired Ostro for a purchase price of approximately $100 million in cash and long-term equity retention grants. Ostro will operate as an independent unit led by CEO Chase Feiger. Over time, the company will develop integrations between Ostro and Veeva Commercial Cloud applications for seamless workflows that connect online and field engagements for greater customer centricity.