Earlier this month, there was the rumor about Telecom Italia offloading its speech services arm Loquendo. Then on August 13, The Washington Post reported Loquendo being sold to Nuance for $75.5 million.
However, as of the date and time of this post, neither Loquendo or Nuance has this information on their websites. The press release came from Telecom Italia:
Telecom Italia has announced the sale of its 99.98% stake in Loquendo to U.S. company Nuance Communications, Inc. on the basis of an enterprise value of €53 million.
The sale of Loquendo, a 2001 voice technology spin-off from Telecom Italia’s research labs with a workforce of around 100, is part of a process of rationalization of the Group’s shareholdings and a shift of focus toward its core business.
Nuance is committed to keeping the company’s headquarters in Turin, and creating a global centre of excellence in voice technology R&D and reinforcing its collaboration with Italian universities.
The deal is expected to close around the end of September.
Rome, 13 August 2011
So there you have it, the almighty Nuance becoming even stronger. One less player in the speech industry. Is this good or bad for the industry?