Microsoft announced Monday, April 12th, 2021 that it is acquiring Nuance with a staggering $19.7 billion cash buy. The amount of the cash buy demonstrates the value and potential within voice technology and AI in a post-COVID world.
Nuance’s growth and reputation are tied directly to its success with speech recognition software, which uses deep learning to transcribe speech and improves its accuracy over time by adapting to a user’s voice. The focus of this acquisition is the acceleration of digital transformation for the healthcare industry. The CEO of Microsoft, Satya Nadella, specifically called out the potential and highlighted it as the key driver of the acquisition.
“When you think about the provider market… digital tech is going to be the key,” he told CNBC.
The interesting point about this acquisition is that Nuance already has Microsoft’s Azure woven into its software. In 2019, Nuance and Microsoft joined forces on a healthcare stack that included speech recognition and processing, clinical documentation, decision support, and Azure AI and natural language tools. Now, with this acquisition, Nuance and Microsoft are sure to integrate fully.
With this news, LumenVox, more than ever, is committed to a stack with flexibility, which is why:
- Our multi-cloud approach provides the ultimate flexibility and choice.
- We deploy on premise, in the cloud or Hybrid with both.
- We are the the only independent modular full stack Voice Technology vendor, improving everything from CX to security.
With cutting-edge AI, speech recognition, and other valuable tools we enable all industries by empowering our partners.
Our technology is universally applicable so that any size organization, with any existing technology, can integrate our entire stack conveniently and cost-effectively. To learn more, contact us today.