Inspire Veterinary Partners Announces Non-Binding Acquisition Proposal for Vetsie.ai Page 1

VIRGINIA BEACH, VA / ACCESSWIRE / August 27, 2024 / Inspire Veterinary Partners, Inc. (NASDAQ:IVP) (“Inspire” or the “Company”), an owner and provider of pet healthcare services in the U.S., today announced that it has entered into a non-binding letter of intent (“LOI”) with Vetsie.ai, an artificial intelligence (“AI”) software platform designed to provide veterinary professionals with fast, accurate access to critical information about patient conditions, treatments and medications, to engage in due diligence and initial negotiations regarding the terms of a potential transaction under which Inspire may acquire Vetsie.ai in an all-stock transaction. This potential all-stock acquisition, if completed, would be completed without the need for a capital infusion from Inspire into the acquired business during its first fiscal year.

Vetsie.ai is on a mission to revolutionize the veterinary industry by harnessing the power of artificial intelligence. The company’s AI-powered platform is designed to provide veterinary professionals with fast, accurate access to critical information about patient conditions, treatments, and medications. By closing the information gap, Vetsie.ai aims to improve the quality of care, support informed decision-making, and drive efficiency in pet healthcare worldwide.

Vetsie.ai is backed by leading 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 plans to expand its reach to multiple international markets to establish a global user base.

According to Grandview Research, “the U.S. veterinary medicine market size was estimated to reach 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 pet wellness spending are the leading market drivers.” And a May 2024 AAHA article on the application of AI in veterinary practice stated that “the field of veterinary medicine is currently undergoing 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.”