(27 Nov 2023) Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, today announced their acquisition of scite, an award-winning search and discovery platform that leverages AI to increase the discoverability and evaluation of research.
The acquisition of scite further enhances Research Solutions’ product offerings and provides cross-selling opportunities to scite’s consistently growing B2C customer base of approximately 21,000 active subscribers, as well as its diverse B2B customer base of corporate entities, leading academic institutions, and government agencies.
As of October 31, 2023, the annualized value of scite’s B2C and B2B software subscriptions, some of which are monthly and some annual, is $3.6 million.
This acquisition presents a material cross-sell and upsell opportunity, driving platform revenue growth by providing a comprehensive suite of research tools to existing Research Solutions customers, which will enhance workflows from end to end. With a majority of its revenue currently sourced from B2C and academic users, scite will strengthen Research Solutions’ capacity to serve academic institutions and leverage scite’s unique capabilities together with Article Galaxy Scholar.
The press release in full is here.