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Microsoft Boosts Industry Cloud Strategy for Healthcare with the Acquisition of Nuance
Nuance is a reputable cloud and AI software provider with decades of healthcare and business AI expertise.
Fremont, CA: Microsoft and Nuance Communications have announced that they have entered into a definitive agreement under which Microsoft will acquire Nuance for $56.00 per share, implying a 23 percent premium to the closing price of Nuance on Friday, April 9, in an all-cash transaction valued at $19.7 billion, inclusive of Nuance's net debt. Nuance is a reputable cloud and AI software provider with decades of healthcare and business AI expertise. Mark Benjamin will remain CEO of Nuance, reporting to Scott Guthrie, Microsoft's executive vice president of Cloud & AI. The deal is expected to be completed this calendar year.
Microsoft has stepped up its efforts to include industry-specific cloud offerings to assist consumers and partners in responding to disruption and new opportunities. Among these initiatives is the Microsoft Cloud for Healthcare, which was launched in 2020 and aimed to meet the holistic needs of the rapidly evolving and growing healthcare industry. The latest acquisition announcement represents the latest step in Microsoft's industry-specific cloud strategy.
Nuance is a leading provider of cloud-based ambient clinical intelligence and conversational AI for healthcare providers. Nuance's products for radiology reporting include the Dragon Medical One, Dragon Ambient eXperience, and PowerScribe One, all of which are leading clinical speech recognition SaaS offerings based on Microsoft Azure. Nuance's technologies integrate seamlessly with key healthcare systems, including long-standing partnerships with Electronic Health Records (EHRs), to reduce clinical reporting burdens and enable clinicians to have improved patient experiences. Nuance solutions are currently used by more than 55% of doctors and 75% of radiologists in the United States, as well as 77 percent of hospitals. Nuance's Healthcare Cloud sales increased by 37 percent year on year in Nuance's fiscal year 2020. (ended September 2020).