Nuance Communications buying a Calif. firm
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 stockholder approval.