Nuance nabs BeVocal

Speech recognition and imaging solutions developer Nuance Communications announced its acquisition of mobile voice services provider BeVocal. The $140 million deal calls for publicly traded Nuance to pay 8.3 million shares of common stock based on Wednesday's close of $14.98 per share plus $15 million in cash at closing; in addition, Nuance will shell out payments of $60 million due 18 months after closing if BeVocal hits performance targets.

BeVocal brings with it a customer portfolio including AT&T/Cingular, Virgin Mobile and Liberty Wireless. "The acquisition of BeVocal expands our position as a leading supplier of speech enabled solutions to mobile carriers and their customers," said Nuance chairman and CEO Paul Ricci in a prepared statement. "The growth of the mobile industry, coupled with the value of speech as a means of accessing information and services in this environment, presents a great opportunity to expand the presence of Nuance solutions in the mobile market. BeVocal's intellectual property, solutions expertise and established carrier relationships will expand our ability to serve this growing market."

For more on the acquisition:
- read this release

Related article:
- Nuance acquires MobileVoiceControl