Burlington, Mass.-based Nuance Communications, Inc is acquiring Philips Speech Recognition Systems (PSRS), a business unit of Royal Philips Electronics (Amsterdam), for approximately $95 million (EUR 65 million,) to be paid in cash.
Through the transaction, Phillips expects to book a net gain of approximately EUR 40 million, which will be accounted for in the financial results of Philips’ Healthcare sector in the company’s third quarter 2008 results, it says. All of PSRS’s approximately 170 employees will transfer to Nuance as part of the transaction.
Based in Vienna, Austria, PSRS specializes in speech recognition technology for the document creation market, with a primary focus on the professional medical and legal sectors.
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