Editing Nuance Communications, Inc.
The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then publish the changes below to finish undoing the edit.
Latest revision | Your text | ||
Line 13: | Line 13: | ||
}} | }} | ||
Nuance Communications, Inc is a multinational software technology company that specialises in AI-powered speech recognition and Natural Language Processing(NLP) solutions that have various applications in the healthcare industry. It is a pioneer in cognitive and conversational artificial intelligence (AI) innovations. These innovations infuse intelligence into daily work and life, amplifying human intelligence to boost productivity and enhance security. | Nuance Communications, Inc is a multinational software technology company that specialises in AI-powered speech recognition and Natural Language Processing(NLP) solutions that have various applications in the healthcare industry. It is a pioneer in cognitive and conversational artificial intelligence (AI) innovations. These innovations infuse intelligence into daily work and life, amplifying human intelligence to boost productivity and enhance security. Over the last 20 years, Nuance has delivered over US$1bn in appropriate reimbursement annually for healthcare organisations, more than US$USbn in annual savings for enterprises and an estimated $US2bn in annual fraud prevention savings. | ||
== Operations == | == Operations == | ||
Line 20: | Line 20: | ||
Originally incorporated as Visioneer in 1992, the company merged with ScanSoft, Inc. its largest competitor at the time in 1999. In 2005, ScanSoft acquired and merged with Nuance Communications, Inc and changed its name to the same. Under this name, the company had was a key player in the development of voice recognition software and speech-to-text technology. As of March 4th 2022, Nuance Communications Inc. is a subsidiary of Microsoft Corp. It is based in Burlington, Massachusetts, but it has established a significant presence in the Seattle area through various acquisitions such as Saykara<ref>https://www.crunchbase.com/organization/nuance/company_financials</ref>, VoiceBox, Swype, and several others. | Originally incorporated as Visioneer in 1992, the company merged with ScanSoft, Inc. its largest competitor at the time in 1999. In 2005, ScanSoft acquired and merged with Nuance Communications, Inc and changed its name to the same. Under this name, the company had was a key player in the development of voice recognition software and speech-to-text technology. As of March 4th 2022, Nuance Communications Inc. is a subsidiary of Microsoft Corp. It is based in Burlington, Massachusetts, but it has established a significant presence in the Seattle area through various acquisitions such as Saykara<ref>https://www.crunchbase.com/organization/nuance/company_financials</ref>, VoiceBox, Swype, and several others. | ||
=== Mission of the company === | === Mission of the company === | ||
At its core, Nuance aims to use advanced conversational AI to help improve productivity, enhance customer experiences, and enable seamless human-machine interactions across various industries, including healthcare, automotive, financial services, and more. Its website states its mission statement as, "amplifying your ability to help others"<ref>https://www.nuance.com/en-gb/company-overview/what-we-do.html</ref>. According to Nuance CEO Mark Benjamin, ''“We are committed to innovating new and cutting-edge AI solutions that help make healthcare more personal, affordable, effective and accessible, while also continuing to improve the patient and clinician experience."<ref>https://www.geekwire.com/2022/microsofts-19-7b-nuance-deal-is-finally-final-nearly-a-year-after-it-was-announced/</ref>'' | At its core, Nuance aims to use advanced conversational AI to help improve productivity, enhance customer experiences, and enable seamless human-machine interactions across various industries, including healthcare, automotive, financial services, and more. Its website states its mission statement as, "amplifying your ability to help others"<ref>https://www.nuance.com/en-gb/company-overview/what-we-do.html</ref>. According to Nuance CEO Mark Benjamin, ''“We are committed to innovating new and cutting-edge AI solutions that help make healthcare more personal, affordable, effective and accessible, while also continuing to improve the patient and clinician experience."<ref>https://www.geekwire.com/2022/microsofts-19-7b-nuance-deal-is-finally-final-nearly-a-year-after-it-was-announced/</ref>'' | ||
=== Main offerings of the company === | === Main offerings of the company === | ||
The company offers an array of solutions under | The company offers an array of solutions under four primary segments: Healthcare, Enterprise, Automotive, and Other. | ||
The Healthcare segment focuses on improving and simplifying clinical documentation through solutions that comprehend and analyse clinical speech and language. It also focuses on improving care quality, reducing physician burnout, integrating quality measures, and facilitating reimbursement. This segment provides products like Dragon Medical One, a cloud-based speech recognition solution, and Nuance Dragon Ambient eXperience (Nuance DAX), an AI powered clinical documentation solution. These tools enhance clinical documentation efficiency, accuracy and accessibility. | The Healthcare segment focuses on improving and simplifying clinical documentation through solutions that comprehend and analyse clinical speech and language. It also focuses on improving care quality, reducing physician burnout, integrating quality measures, and facilitating reimbursement. This segment provides products like Dragon Medical One, a cloud-based speech recognition solution, and Nuance Dragon Ambient eXperience (Nuance DAX), an AI powered clinical documentation solution. These tools enhance clinical documentation efficiency, accuracy and accessibility. | ||
Line 29: | Line 29: | ||
The Enterprise segment employs speech, natural language understanding, and AI to automate customer solutions across various channels, including voice, mobile, web, and messaging. This segment delivers intelligent engagement solutions and utilises Conversational AI, Engagement AI, and Security AI to better interact with customers. Examples include virtual assistant and chatbots for enhanced customer service to achieve the best possible business outcomes. | The Enterprise segment employs speech, natural language understanding, and AI to automate customer solutions across various channels, including voice, mobile, web, and messaging. This segment delivers intelligent engagement solutions and utilises Conversational AI, Engagement AI, and Security AI to better interact with customers. Examples include virtual assistant and chatbots for enhanced customer service to achieve the best possible business outcomes. | ||
The Other segment | The Automotive segment offers embedded and cloud-based automotive solutions. | ||
The Other segment delivers mainly language and translation services that aren't healthcare or enterprise focused. It includes the SRS and Devices businesses. | |||
Serving a diverse range of industries, from healthcare and financial services to telecommunications, government, and retail, Nuance markets and sells its innovative solutions directly and through an extensive network of resellers. These resellers encompass system integrators, independent software vendors, value-added resellers, distributors, hardware vendors, telecommunications carriers, and e-commerce websites globally. | Serving a diverse range of industries, from healthcare and financial services to telecommunications, government, and retail, Nuance markets and sells its innovative solutions directly and through an extensive network of resellers. These resellers encompass system integrators, independent software vendors, value-added resellers, distributors, hardware vendors, telecommunications carriers, and e-commerce websites globally. | ||
== Acquisition by Microsoft == | == Acquisition by Microsoft == | ||
On March 4<sup>th</sup> 2022, Microsoft Corp completed the acquisition of Nuance Communications Inc. in all cash transaction valued at $ | On March 4<sup>th</sup> 2022, Microsoft Corp completed the acquisition of Nuance Communications Inc. in all cash transaction valued at $19.7 billion, inclusive of Nuance’s net debt. This is the third largest acquisition in Microsoft history after Activision-Blizzard and LinkedIn. | ||
[[File:MS + NUANCE.jpg|thumb|311x311px]] | [[File:MS + NUANCE.jpg|thumb|311x311px]] | ||
Line 118: | Line 120: | ||
==== Benjamin Owen Orndorff ==== | ==== Benjamin Owen Orndorff ==== | ||
Mr. Benjamin Owen Orndorff has been serving as a Director at Nuance Communications, Inc. since March 04, 2022. Additionally, he holds the position of Managing Director at 6 Wunderkinder GmbH. Furthermore, he has been a Director at LinkedIn Australia Pty Ltd since January 26, 2017. | Mr. Benjamin Owen Orndorff has been serving as a Director at Nuance Communications, Inc. since March 04, 2022. Additionally, he holds the position of Managing Director at 6 Wunderkinder GmbH. Furthermore, he has been a Director at LinkedIn Australia Pty Ltd since January 26, 2017. | ||
== Risks == | == Risks == | ||
== Financials == | |||
== Valuation == | == Valuation == | ||
== References == | == References == |