Research Solutions, Inc., a provider of cloud-based workflow solutions for R&D-driven organizations, has announced its strategic acquisition of scite, an award-winning search and discovery platform that employs AI to enhance the discoverability and evaluation of research.
The acquisition adds a powerful layer to Research Solutions' product portfolio, providing a significant opportunity for cross-selling to scite's extensive B2C customer base of around 21,000 active subscribers and diverse B2B customer base, including corporate entities, academic institutions, and government agencies.
As of October 31, 2023, the annualized value of scite's B2C and B2B software subscriptions, totaling $3.6 million, further bolsters Research Solutions' software subscription revenue.
scite's Smart Citations transcend traditional citations by providing not only citation statements but also their context within citing articles and a classification indicating whether the paper supports or contradicts the cited claim. This index, consisting of over one billion Smart Citations, enhances the discovery, vetting, and understanding of research articles. Additionally, scite Assistant, an AI-powered chatbot, utilizes Smart Citations to fact-check and validate Large Language Models like ChatGPT, ensuring reliable and evidence-based research.
The acquisition presents a substantial cross-sell and upsell opportunity, boosting platform revenue growth by offering a comprehensive suite of research tools to existing Research Solutions customers. With a significant portion of revenue sourced from B2C and academic users, scite's capabilities will reinforce Research Solutions' capacity to serve academic institutions, aligning with the organization's commitment to enhancing workflows from end to end.
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