Nuance Spends $103M On Voice-To-Text Company
Aiming to increase market share in voice-to-text messaging, Burlington-based Nuance Communications acquired SpinVox, an international provider of the service.
The programs use voice-recognition software to convert voice mail messages into text that can be sent to phones or through e-mail.
Nuance, a speech and imaging service provider, hopes the purchase will improve service quality, global outreach and innovation in voice-to-text messaging.
SpinVox, which specializes in voice-to-text, sold for about $102.5 million, including $66 million in cash and $36.5 million, or about 2.3 million shares, in Nuance stock, according to a press release.
Nuance estimates there are more than 1 billion voicemail boxes worldwide that hold about 1.5 billion messages.
Nuance reported a $12.2 million net loss at the end of 2009, a decrease from a $30 million loss a year earlier.
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