It’s a bigger deal than just healthcare, Microsoft says, it’s about the future of AI-powered companies.

Microsoft recently announced that it has completed its acquisition of speech recognition software maker Nuance Communications Inc. The news comes a year after Microsoft first announced plans to buy Nuance.

The deal, valued at nearly $20 billion dollars, was Microsoft’s largest since its $26.2 billion LinkedIn acquisition in 2016. That is, until Microsoft announced a nearly $70 billion deal earlier this year to buy video games. publisher Activision Blizzard. That plan is still being monitored by the regulator. The agreement between Microsoft and Nuance secured US regulatory approval in 2021. But the plan was delayed last December after the UK’s Competition and Markets Authority (CMA) opened an anti-competition investigation. The CMA finally gave its approval last week.

Based in Burlington, MA, Nuance Communications began life as an optical scanner company founded by famed inventor Ray Kurzweil. Through a series of acquisitions, the company, then ScanSoft, acquired Dragon Systems speech recognition in 2001, the makers of a speech and speech recognition program called NaturallySpeaking. Nuance’s popular dictation and transcription software has been widely used professionally since then, but is especially dominant in the healthcare sector. Doctors and health professionals use it to automatically transcribe patient notes and other records.

Microsoft and Nuance to Use AI to Create “Frictionless, Personalized Customer Experiences” – Nadella

In a press release announcing the completion of the acquisition, Microsoft was careful to reassure the healthcare industry that Nuance’s products and technology will continue to serve them. But Microsoft says this deal is more than just healthcare. It’s about using artificial intelligence (AI) to drive cloud-based solutions for healthcare, financial services, retail and telecommunications, according to Microsoft. The company broadly outlined a vision for Nuance’s AI-based technology that extends much further into the cloud ecosystem.

“Driven by a shared vision to build results-driven AI, Microsoft and Nuance will empower organizations across industries to accelerate their business goals with our security-focused, cloud-based solutions infused with powerful, vertically optimized AI. Customers will benefit from improved consumer, patient, clinician and employee experiences, ultimately improving productivity and financial performance,” Microsoft said in a statement.

Microsoft CEO Satya Nadella said the acquisition helps position Microsoft to use AI to create “frictionless, personalized customer experiences” in any industry.

Microsoft said Nuance CEO Mark Benjamin will remain in that position and will now report to Scott Guthrie, who leads the Microsoft Cloud + AI group.

This post Microsoft completes Nuance acquisition – RCR Wireless News

was original published at “https://www.rcrwireless.com/20220307/telco-cloud/microsoft-closes-nuance-acquisition”