Tech giant Microsoft is all set to take over Nuance Communication. The deal is expected to close at $19.7 billion. However, Microsoft would acquire Nuance for $56.00 per share, and the transaction is, most likely to close this calendar year. This step has been taken with the intention to double Microsoft’s Total Addressable Market (TAM) as a healthcare provider to nearly $500 Billion. With this advancement, Mark Benjamin would continue to be the CEO of Nuance, reporting to Scott Guthrie, who serves as the Executive Vice President of AI and Cloud at Microsoft.

Nuance offers conversational AI and cloud-based medical and clinical intelligence for healthcare providers. Its solutions are utilised by more than 77 percent of hospitals in the USA and 75 percent of radiologists in the US. Furthermore, Nuance's Healthcare Cloud revenue has also experienced a 37 percent year-on-year growth. In India, Nuance has offices in Bengaluru and Pune, and employs close to 8,500 employees across the globe.

Nuance also offers virtual assistants, customer engagement solutions, biometric and digital solutions to firms all over the world across all industries. This expertise would come together with Microsoft's cloud that also adds Teams, Azure and Dynamics 365, to deliver effective customer engagement and security solutions. Thus, the combination of Nuance and Microsoft is expected to bring about a unique opportunity to deliver significant value to shareholders who have supported the organization in this journey.