Nuance has announced that it has acquired SpinVox, a leading provider of voice-to-text services to telecommunications companies across five continents.
By integrating SpinVox’s carrier services with Nuance’s advanced speech recognition platform, Nuance will further accelerate the growth of its voice-to-text business and scale to meet the needs of a growing, global customer base.
As the estimated number of operational voicemail boxes in the world has passed one billion, and consumer and corporate activity now generate over 150 billion voicemails a year, Nuance and SpinVox have experienced strong interest in voice-to-text automation.
The two companies helped pioneer solutions that utilize speech recognition and transcription workflow solutions to convert voicemails into text that can be sent to users as SMS or email messages.
Under the terms of the agreement, consideration for the transaction is approximately $102.5 million, comprising $66 million in cash and $36.5 million, or approximately 2.3 million shares, in Nuance common stock.