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