Microsoft makes $20bn bet on speech AI firm Nuance

Microsoft Corp plans to buy a tech firm known for helping to develop Apple's Siri speech recognition software in a deal valued at $19.7bn. The purchase of Nuance Communications is the second largest in Microsoft's history, after its acquisition of networking site LinkedIn in 2016. "Nuance provides the AI layer at the healthcare point of delivery," Microsoft chief executive Satya Nadella said in a statement. Purchasing the firm will dramatically expand Microsoft's potential market in the health care industry. Nuance executives said joining forces with Microsoft would help deepen its cloud-based offerings and allow it to tap into Microsoft's existing global customer base. Shares in Microsoft were flat following the announcement, while Nuance gained more than 16%. The boards of both companies have approved the transaction.

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