Under the deal terms, Olympus will pay up to $79m (£66m) in upfront as well as milestone-based payments.
Odin Vision has a portfolio of computer-aided diagnostic (CAD) solutions as well as a deep innovation pipeline of cloud-enabled applications.
The company aims to create a paradigm shift with artificial intelligence (AI) integration into the endoscopy suite to support clinical procedures, including colonoscopy and esophagogastroduodenoscopy, with its cloud-AI platform.
In studies, the AI-assisted colonoscopies demonstrated more accurate detection of colorectal cancer, with increased detection rates.
According to Olympus, existing approaches of detection can result in up to 25% missed polyps and misclassification, which lead to increased costs, time, as well as risks for patients.
The advanced AI-CAD and analytics solutions of Odin Vision indentify polyps in real-time during the procedure and also provide post-procedural analysis.
Olympus stated that the deal is a strategic component of its broader digital strategy to improve patient care by transforming clinical and procedural workflows.
It will complement the company’s Digital Endosuite vision that supports the AI and other digital technologies use for extending the endotherapy to improve patient care pathways.
The acquisition also allows Olympus to provide advanced AI-powered solutions and data-driven insights which can transform patient care.
Olympus chief operating officer Nacho Abia said: “Incorporating Odin Vision’s leading AI technology portfolio and innovation capabilities into the broader Olympus digital roadmap will create synergies that enable us to commercialise highly valuable endoscopy-focused software tools.
“Their product portfolio fits perfectly with our broader efforts to enhance the capabilities we bring in support of clinicians and to help care teams harness decision-driving data.”
The company intends to use the procedure and clinical data, which is collected and analysed in real-time, to provide digital solutions to care specialists.