Telecom Italia sells Loquendo to Nuance for an Enterprise Value of €53 Million

08/13/2011 - 09:00 AM

The sale comes as part of the Group's effort to focus on core business

Telecom Italia has announced the sale of its 99.98% stake in Loquendo to U.S. company Nuance Communications, Inc. on the basis of an enterprise value of €53 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.

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.
 

Rome, 13 August 2011