Tech Dealmaker Awards

Ricci

Burlington-based speech-recognition software provider Nuance Communications Inc. acquired the Needham-based computer-aided medical transcription (CAMT) software company eScription Inc. for $367.7 million in cash and Nuance common stock on April 7, 2008.

Medical transcriptionists use eScription’s computer-aided medical transcription software instead of manually typing data, which increases productivity and shortens medical report turnaround times.

Nuance, which offers a line of medical transcription and speech-recognition software called iChart, wanted eScription because its software fits into Nuance’s strategy of simplifying the health-care documentation process, said Richard Mack, vice president, corporate communications.

“The eScription team and solutions portfolio is a perfect complement to our ability to deliver efficient, scalable and highly productive solutions that improve the way health-care provider organizations document care,” Mack said.

By adding eScription to its health-care division, Nuance has a successful, growing division to build upon, and eScription will strengthen Nuance’s transcription offering, Mack said. Among the many Nuance and eScription customers are Beth Israel Deaconess Medical Center and Massachusetts General Hospital in Boston.

At the time of the deal, Nuance reported the acquisition would add between $16 million and $18 million in non-GAAP revenue in fiscal 2008 and $68 million in fiscal 2009. The eScription merger was one of nine acquisitions executed by Nuance in 2007 and 2008.

— Bridget Botelho

Category

Software and Services

The Deal

Nuance Communications acquires eScription for $367.7 million

Key Executives

Nuance: Paul Ricci, chairman and CEO
eScription: Paul Egerman, — co-CEO and chairman, and Ben Chigier, co-CEO and chairman

Deal advisers

Legal: Nuance — Wilson Sonsini Goodrich & Rosati. eScription — Mintz-Levin

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