Nuance Communications, a provider of speech and imaging solutions for businesses and consumers, has acquired voice-to-text services provider SpinVox for around $102.5 million (£63.3 million).
The deal comprises of $66 million in cash and $36.5 million, or approximately 2.3 million shares, in Nuance common stock.
Through the acquisition, Nuance intends to expand its operations and accelerate growth in service quality, global reach and innovation.
It said that the combination of SpinVox’s global infrastructure with its speech recognition technology provides robust, carrier-grade voice-to-text services with outstanding quality, ISO security certification, and highly-scaled production systems.
It added that the combination would achieve the broadest language range support in the industry, including English, Spanish, German, Italian, French and Portuguese and a customer list that includes major carriers throughout North America, Europe, South America and Australia.
It also said that by combining its speech recognition technologies with both companies’ solutions development teams, it expects to accelerate innovation for voice-to-text services.
Nuance voice-to-text services vice president John Pollard said: “Around the world, the voice-to-text market has experienced tremendous growth over the last year, with a variety of innovative services being delivered by carriers and unified communications providers. With SpinVox’s robust infrastructure, language support and operational experience, we will broaden the reach and capabilities of our platform.”