Deal read The multiple looks steep, roughly ten times 2026 revenue, until you notice what is actually being bought. Dassault already owns Medidata, which sits in clinical trials. ArisGlobal sits in safety, regulatory and post-market compliance. Together they cover the data trail from molecule to marketed product, which is the loop Dassault has been describing for years and could not previously close. The asset that justifies the price is not the software, it is those 12 million annual safety reports and the regulated position that produces them: one of the largest pharmacovigilance datasets outside the regulators themselves, embedded in workflows customers cannot easily rip out. In an industry racing to apply AI to drug safety, owning both the data and the compliance rails is close to unreplicable. Note the structure too, $1.8 billion of a $2 billion deal committed on signing, roughly 90 percent upfront. That is the shape of buying a proven business, not a bet, and it is consistent with what we saw across H1, where AI and machine learning deal value ran to $58.1 billion, up 180 percent.