all I have to say is "wow!"

[http://dummy.us.eu.org/robert (robert)]

            ScanSoft to buy SpeechWorks for $132M  
            04/24/2003 11:45 AM  
            By Rodney 
            Peabody’s ScanSoft Inc. today announced it will purchase all of the outstanding common stock of Boston’s SpeechWorks International Inc. in a deal valued at about $132 million

            ScanSoft will issue approximately 32.6 million shares of its common stock to SpeechWorks shareholders, who will receive 0.860 shares of ScanSoft common stock for each share of SpeechWorks stock that they own. 

            According to Richard Mack, director of corporate communications for ScanSoft, the combined company will have a global employee count of approximately 900, with 300 coming from SpeechWorks. Mack also said that, between position and office consolidation, about 130 to 150 people would be let go.

            "The combined organization gives ScanSoft the resources to lead the speech industry with a diverse and proven set of assets," said Paul Ricci, chairman and CEO of ScanSoft, in a statement. "With this transaction, ScanSoft's innovative technologies and solutions, broad channels, professional services expertise, strong management and talented employees will allow us to accelerate the development and adoption of innovative speech-enabled applications and services worldwide."

            The transaction has been approved by both boards of directors and is subject to the approval of ScanSoft and SpeechWorks shareholders and various closing conditions. ScanSoft expects the deal to close by August 1. 

            Ricci will remain chairman and chief executive officer of ScanSoft. On the close of the transaction, Stuart Patterson, CEO of SpeechWorks, will become president of ScanSoft. Several members of the SpeechWorks executive team will join the senior management ranks of ScanSoft. 

            ScanSoft stock opened at $4.99, down 57 cents from yesterday’s close.