Voice recognition software giant Nuance on Monday announced that it's selling its document imaging business to Kofax for $400 million. Kofax is a supplier of of intelligent automation software and plans to use the complementary product line from Nuance to expand the functionality of its portfolio.
Specifically, Kofax CEO Reynolds Bish said the purchase will add key technologies such as cloud compatibility, scan-to-archive, scan-to-workflow, print management and document security to Kofax's core product.
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"In addition we will now be able to combine the best capture and print management capabilities available in the market into one product portfolio," he said.
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For Nuance, shedding the document imaging business -- its smallest business segment in terms of revenue -- should help the company focus resources on its more successful product lines. Nuance's healthcare division drives the most of its revenue, but the company has also stepped up investment in its connected cars vertical.
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