of Needham, Massachusetts for $340 million plus 1,294,844 shares of common stock. of New York City, New York for 217,975 shares of common stock. Tegic developed and was the patent owner of T9 technology. of Mountain View, California $140 million.
Artificial intelligence, which required both advances in the underlying algorithms and leaps in processing power both on mobile devices and the servers that share the workload, allows software to understand words and their intentions. Siri is an application that combines speech recognition with advanced natural-language processing. Lernout & Hauspie had acquired speech recognition company Dragon Systems in June 2001, shortly before becoming bankrupt in October.
Beginning with the December 2001 acquisition of Lernout & Hauspie assets, the company moved into the speech recognition business and began to compete with Nuance. Prior to 2001, ScanSoft focused primarily on desktop imaging software such as TextBridge, PaperPort and OmniPage. Two months later, in March, Visioneer acquired ScanSoft from Xerox to form a new public company with ScanSoft as the new company-wide name. Visioneer eventually sold its hardware division to Primax Electronics, Ltd. was founded to develop scanner hardware and software products, such as a sheetfed scanner called PaperMax and the document management software PaperPort. In March 1992, a new company called Visioneer, Inc. The company became known as Xerox Imaging Systems (XIS), and later ScanSoft. In 1980, Kurzweil sold his company to Xerox. to develop the first omni-font optical character-recognition system – a computer program capable of recognizing text written in any normal font. In 1974, Raymond Kurzweil founded Kurzweil Computer Products, Inc. During the prior decade, the two companies competed in the commercial large-scale speech application business. The resulting company adopted the Nuance name. acquired and merged with Nuance Communications, a natural language spinoff from SRI International.
(SSFT), and the combined company became known as ScanSoft.
In 1999, Visioneer acquired ScanSoft, Inc. The company that would become Nuance was incorporated in 1992 as Visioneer.