November 12 2018

Burlington-Based Nuance Communication in Works to Sell Document Imaging Division for $400 Million

By: BNEWS

A Burlington-based business is in the works to sell one of its divisions as part of a plan to focus its resources on new technologies.

The Boston Business Journal reported that Nuance Communication Inc. is planning to sell its paperwork-imaging business to California-based Kofax Inc. for $400 million. The sale is part of the company’s new CEO’s plan to streamline the organization around artificial intelligence conversation technology.

According to the news report, the deal for the Document Imaging division, which creates technology that allows companies to securely digitize and manage paperwork, should be closed within the next six months. The division reported revenue of $217 million in fiscal year 2017 and was 11 percent of Nuance’s total annual revenue.

Nuance is an American based multinational computer software technology corporation that provides speech recognition, artificial intelligence and imaging applications, it’s Wikipedia entry states. Current business products focus on server and embedded speech recognition, telephone call steering systems, automated telephone directory services, medical transcription software and systems, optical character recognition software, and desktop imaging software. The company's market valuation is roughly $4.8 billion.

 

 
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