Microsoft has announced its plans to acquire Nuance Communications, a company that specializes in providing AI-powered speech recognition and virtual assistant technologies, for $19.7 billion. The acquisition is set to be one of Microsoft’s biggest in recent years and represents the company’s commitment to expanding its capabilities in the healthcare industry.
Nuance’s technology is used by healthcare providers to transcribe patient-doctor conversations and to automate other administrative tasks. The company’s speech recognition and natural language processing technologies have been integrated into a number of healthcare applications, including electronic health records and clinical documentation systems.
Microsoft has been investing heavily in the healthcare industry over the past few years, with a focus on using artificial intelligence to improve patient outcomes and reduce healthcare costs. The acquisition of Nuance will help Microsoft to accelerate its efforts in this area and will give the company access to Nuance’s expertise and technology.
According to Microsoft CEO Satya Nadella, “Nuance provides the AI layer at the healthcare point of delivery and is a pioneer in the real-world application of enterprise AI. AI is technology’s most important priority, and healthcare is its most urgent application.”
The acquisition is expected to be completed by the end of 2021, subject to regulatory approval. Nuance will become a part of Microsoft’s Cloud and AI division, which includes services like Azure, Dynamics 365, and Power Platform.
Overall, Microsoft’s acquisition of Nuance Communications represents a major step forward for the company in its efforts to transform the healthcare industry using AI technology. The move is likely to have a significant impact on the industry as a whole and could lead to further advancements in healthcare technology in the coming years.