VIRGINIA BEACH, VA / ACCESSWIRE / August 27, 2024 / Inspire Veterinary Partners, Inc. (NASDAQ:IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the U.S., today announced that it has entered into a non-binding letter of intent (the "LOI") with Vetsie.ai, an Artificial Intelligence ("AI") software platform designed to empower veterinary professionals with quick, accurate access to critical information on patient conditions, treatments, and medications, to engage in diligence and initial negotiations regarding the terms of a potential transaction whereby Inspire may Acquire Vetsie.ai in an all- stock transaction. This potential equity-only acquisition, if consummated, would be completed without the need for any operating capital infusion from Inspire into the acquired business for the first fiscal year.
Vetsie.ai is on a mission to revolutionize the veterinary industry by leveraging the power of artificial intelligence. The company's AI-powered platform is designed to empower veterinary professionals with quick, accurate access to critical information on patient conditions, treatments, and medications. By bridging the information gap, Vetsie.ai aims to enhance the quality of care, supports informed decision-making, and drives efficiency in pet healthcare globally.
Vetsie.ai is backed by notable investors including Leap Venture Studio - Mars Petcare, R/GA Ventures, Michelson Found Animals Foundation, First Fund VC, and White Hibiscus Capital. As the first Canadian company to launch a veterinary-specific AI platform, Vetsie.ai is planning to expand its reach across multiple international markets to establish a global user base.
According to Grandview Research, "the U.S. veterinarians market size was valued at USD 11.92 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. The growing animal population, uptake of pet insurance, and expenditure on the well-being of pets are the key market drivers." And a May 2024 AAHA article about the application of AI in the veterinary practice stated "the field of veterinary medicine is currently witnessing a pivotal transformation, largely fueled by the rapid evolution of artificial intelligence and various technological advancements. This shift goes beyond the mere adoption of new tools; it represents a fundamental change in the operational and care delivery paradigms of veterinary practices."
"Inspire is excited about the potential to embark on this journey with the Vetsie.ai team to implement new ways for high quality veterinary care to be delivered to clients and pets," said Kimball Carr, President & Chief Executive Officer of Inspire, "If realized, this acquisition represents our commitment to innovating in pet care and providing tools not just to the teams and clients of IVP, but to hundreds of thousands of pets annually and the tens of thousands of clinicians for whom Vetsie.ai's tools are expected to provide enormous value. IVP is looking ahead to the ways revenue and earnings will be derived by these tools through integrating tele and digital health into traditional pet care workflows as an enhancement, not a replacement, for our core business of operating veterinary clinics across the United States."
"Vetsie.ai was co-founded out of a deep passion for revolutionizing pet care," said Alex Chieng, Co-Founder and CEO. "As pet owners themselves, the founders understand the critical importance of efficient veterinary workflows. By leveraging technology, Vetsie.ai aims to empower veterinary providers to deliver the highest standard of care, ensuring that every pet receives the love and attention they deserve."
The veterinary industry has faced significant challenges, including increasing burnout and workflow inefficiencies. With Vetsie.ai's innovative solutions, they believe veterinary professionals can seamlessly integrate AI into their workflows. By potentially joining forces with IVP, Vetsie.ai is set to play a pivotal role in advancing IVP's vision of becoming a tech-driven leader in the veterinary space. Vetsie.ai's platform design can be easily integrated with IVP's expansive network, providing veterinary professionals with the tools they need to access critical patient information quickly and accurately.
"The potential to join Inspire Veterinary Partners is an exciting step for Vetsie.ai, as it would allow us to scale our impact within a company that shares our passion for innovation and excellence in veterinary care. We intend to contribute our AI expertise and suite of products to help IVP set a new standard for technology-driven veterinary practices."
There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated. The Company does not undertake any obligation to provide any updates with respect to the proposal or any other transaction, except as required under applicable law.
About Inspire Veterinary Partners, Inc.
Inspire Veterinary Partners is an owner/operator of veterinary hospitals in the US. As the Company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care.
This press release contains forward-looking statements regarding the Company's current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to anticipated acquisitions, or factors that result in changes to the Company's anticipated results of operations related to acquisitions. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
