Microsoft said Nuance’s technology will be used to expand its healthcare offerings for its cloud products. Nuance currently sells tools for recognizing and transcribing speech in physician visits, voicemails and more.
The transaction has been approved by the boards of both Nuance and Microsoft. Microsoft said the deal is expected to close by the end of this year. The transaction is subject to approval by Nuance’s shareholders, certain regulatory approvals and other customary closing conditions.
The deal is the latest sign Microsoft is hunting for more growth through acquisitions, according to NBC. It is Microsoft’s largest acquisition since it bought LinkedIn for more than $26 billion in 2016.
Nuance is well known for its voice recognition technology and has been a potential acquisition target for Big Tech companies like Apple and Microsoft for several years, according to CNBC.
More articles on artificial intelligence:
Report: Most FDA-approved AI devices not effectively evaluated for fairness, accuracy
Columbia U uses AI to analyze language around vaccine reluctancy, craft targeted message campaigns
9 recent studies that show the potential of AI in healthcare
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.