Microsoft (Nasdaq: MSFT) is nearing a potential deal to acquire Burlington, Massachusetts-based artificial intelligence technology developer Nuance Communications (Nasdaq: NUAN) for $56 per share, or approximately $16 billion, Bloomberg reported Sunday.
The estimated price of the transaction is a premium of 23 percent to Nuance’s Friday closing price.
Nuance – which earned $1.48 billion in revenue for its 2020 fiscal year ended Sept. 30, 2020 – offers conversational AI platforms such as the PowerScribe 360 lung cancer screening technology and the Dragon speech recognition software.
The two companies formed a partnership in 2019 to streamline electronic health record management through voice capture technology, according to the report.
