Microsoft Acquires Nuance Communications As They Expand Into Healthcare
On April 12th, Microsoft announced it would be acquiring artificial intelligence speech recognition company Nuance Communications (NUAN) for $19.7B. Nuance pioneered the software behind Apple’s Siri virtual assistant and now focused on speech recognition and automation for medical providers. It sells tools for recognizing and transcribing speech in doctor office visits, customer-service calls, and voicemails. Microsoft said that it will use the systems to deliver new cloud and AI capabilities across healthcare and other industries.
Microsoft announced it would be acquiring Nuance for $56 per share in a deal worth about $16B, and approximately $19.7B including debt. The deal is set to close at the end of the calendar year pending approval by Nuance’s shareholders and regulators.
According to their WEBSITE, Nuance “build(s) technology that frees users to be their best selves and enables businesses to do their best work”. Their website lists relationships across a wide variety of industries, including: Healthcare, Financial Services, Telecommunications, Retail, Transportation, Government, and Law Enforcement.
Nuance partners with 85% of the Fortune 100 companies, has issued 2,350 patents, has 1,600 employees, and sells products in 45+ countries.