Nuance has just announced that it is acquiring Transcend, a company that provides medical transcription and speech editing services, for approximately $300 million in cash, or $29.50 per Transcend share.
Nuance, which develops imaging and voice recognition technologies, says that Transcend will help expand its customer base to the healthcare and hospital market. For background, Transcend Services provides medical transcription services to the healthcare industry in the United States. The company’s technology converts physicians’ voice recordings into electronic medical record documents.
Transcend utilizes a combination of its proprietary Internet-based voice and data distribution technology, customer based technology, and home-based medical language specialists to convert physicians’ voice recordings into electronic documents. It also provides outsourcing transcription and editing services on the customer’s platform.
Nuance says the acquisition will add between $140 million and $150 million in revenue in the fiscal year 2013. Nuance also just bought Swype for $100 million last Fall, and acquired Vlingo in December. And the company recently partnered with Intel to add voice recognition to the chip giant’s products.