Nuance to focus on conversational AI, cloud solutions; sells document imaging division
Nuance Communications has signed a definitive agreement to sell its Document Imaging division to Kofax, Inc., enabling Nuance to focus on its conversational AI- and cloud-based solutions while simplifying the organization and improving its growth profile.
Total consideration for the transaction is $400 million in cash. The deal is expected to close by the end of Nuance’s second fiscal quarter.
“Nuance is entering the next phase of our organization’s growth and while selling the Document Imaging division was not an easy decision given its many years of contributions and dedication of our Imaging associates, it became clear in our portfolio reviews that this is the right outcome,” explained Nuance CEO Mark Benjamin. “Selling the Imaging division enables us to sharpen focus on our conversational AI- and cloud-related portfolio and accelerate the transformation well underway at the Company.”
Additional details will be discussed on the company’s November 19 Q4 earnings call.