Telecom Italia Sells Voice-Technology Subsidiary to Nuance
Published on: 15th Aug 2011
Note -- this news article is more than a year old.
Telecom Italia has announced the sale of its 99.98% stake in Loquendo to USA based speech software vendor, Nuance Communications for an enterprise value of EUR53 million (USD75.5 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.
Telecom Italia said that 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.