Microsoft is going ahead with negotiations to buy artificial intelligence company Nuance Communications Inc., multiple media reports have said.
The tech giant has reportedly offered to take over Nuance valuing it at nearly $16 billion. Microsoft is offering about $56 for every share of Nuance but the finer details of the terms of purchase can still change. The price being offered is at 23 percent premium to Friday's closing.
While Reuters Bloomberg the deal could be announced as soon as this week, CNBC said the deal could be announced on Monday.
Nuance, AI and speech technology startup, had played a big role in the launch of Apple's Siri voice software.
Representatives of Microsoft and Nuance declined to comment, reports said. The share price of Nuance saw a rise of 3.4 percent this year, increasing the company's valuation to about $13 billion.
Microsoft and Nuance had worked together since 2019 on various speech technology projects. Microsoft had approached Nuance in December with an offer, CNBC reported.
What is Nuance Doing?
Nuance says it has a large global customer base in verticals from telecom to financial services. it is behind superior AI-powered technology that delivers industry-best outcomes in intelligent engagement and biometric security solutions, the company adds.