Korean artificial intelligence-based cancer diagnostics company Lunit will acquire global breast cancer solutions provider Volpara Health, in a deal worth 252.5 billion won ($194.7 million), the company said Thursday.

Lunit said this is the first time for it to join forces with another company via mergers and acquisitions, a significant step forward in realizing its mission to combat cancer with AI.

Under the scheme implementation agreement, Lunit will acquire all of Volpara’s shares for 1.15 Australian dollars ($0.77) per share in cash.

Volpara will hold a shareholders meeting early in the second quarter next year, seeking 75 percent approval to finalize the acquisition.

Based in New Zealand, Volpara Health is renowned for its AI-enabled software for the early detection and prevention of breast cancer. Its breast density imaging device has been used by patients across 40 countries, while 96.5 percent of its total revenue comes from the US.

With the takeover, Lunit will secure a distribution network in the US, the firm said. Volpara is a major player in the US market, with 42 percent market share as of last year. Over 2,000 sites within the US breast imaging community use Volpara’s AI-powered mammography solutions.

Lunit is also expected to enhance its accuracy with data collected from some 100 million mammograms conducted by Volpara, the firm added.

“Lunit and Volpara Health are unified in our belief in the power of AI-driven software and together, we have the potential to create a powerful engine to better diagnose and care for cancer worldwide,” said Lunit CEO Suh Beom-seok.

“Combining Volpara’s network in the US with Lunit’s expertise in AI, we aim to develop a powerful portfolio of advanced AI-enabled solutions for breast imaging radiology and various health care specialties.”