Nuance Communications to Buy EScription

Speech recognition software maker Nuance Communications Inc. said Tuesday it will buy privately held medical transcription company eScription for $363 million.
The purchase cost includes $340 million in cash and $23 million in Nuance stock. Nuance will also assume $37 million in eScription employee stock options. It expects the deal to close in the 2008 third quarter.

Nuance says it hopes to streamline clinical documentation with the acquisition and said it expects to save the health care industry more than $1 billion by 2011.[click heading for more]