Microsoft, on an accelerated growth push, is buying speech recognition company Nuance in a deal worth about $16 billion.
Microsoft will pay $56 per share cash. That’s a 23% premium to Nuance’s Friday closing price. The companies value the transaction including debt at $19.7 billion.
Shares of Burlington, Massachusetts-based Nuance surged more than 17% in Monday morning trading.
Nuance has been one of the pioneers of commercial voice recognition technology and helped power Apple’s Siri voice assistant. It has since shifted its focus to health care, including a product that can listen in on exam room conversations between physician and patient and write up the doctor’s recommendations.
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