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Microsoft Corp said on Monday it would buy artificial intelligence and speech technology firm Nuance Communications Inc for about $16 billion in cash, as it builds out its cloud strategy for healthcare.
The deal comes as both companies, which partnered in 2019 to automate clinical administrative work such as documentation, gain from a boom in telehealth services with medical consultations shifting online due to the COVID-19 pandemic.
“Nuance provides the AI layer at the healthcare point of delivery,” Microsoft CEO Satya Nadella said in a statement, adding “AI is technology’s most important priority, and healthcare is its most urgent application.”
Microsoft’s offer of $56 per share represents a premium of 22.86% to Nuance’s last close. Shares of Nuance rose nearly 23% in pre-market trading…
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There official press release is here: “Microsoft accelerates industry cloud strategy for healthcare with the acquisition of Nuance“.