Business

Mass. Movers

Nuance Communications buying a Calif. firm

Paul A. Ricci is Nuance’s chief executive. Its stock fell 0.35 percent.
Nuance Communications
Paul A. Ricci is Nuance’s chief executive. Its stock fell 0.35 percent.
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Nuance Communications Inc., a Burlington­ company known for its Dragon speech-recognition products, agreed to buy Ditech Networks Inc., of San Jose, Calif., which offers such voice technology services as PhoneTag voicemail-to-text services. Nuance will pay $1.45 per share for a total enterprise value of $22.5 million, net of Ditech’s cash as of the signing date. Nuance said PhoneTag will enhance its voice-to-text business. The deal, approved by both companies’ boards, is expected to close this year, subject to Ditech stockholders’ approval.