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Technology / AI and automation

LERNOUT & HAUSPIE PLUNGES INTO RED AFTER ACQUISITIONS

Lernout & Hauspie Speech Products NV says the second half of its financial year will see it concentrating on consolidating and integrating the three companies it has recently acquired which resulted in the speech-to-text operation reporting net losses for its second quarter of $51m. The figure takes into account the $55m that the Ypres, Belgium company paid for Kurzweil Applied Intelligence Inc (CI No 3,141), GMS Gesellshcaftfuer Multilinguale system GmbH (CI No 3,170) and Centigram Communication Corp’s True Voice business (CI No 3,193). Following the acquisitions Lernout & Hauspie believes it is in a very strong position to enter into the dynamic continuous dictation market. Revenue for the first six months of the year increased by 262.1% to $37.7m and the company brought more money in by reducing its sales days outstanding to 61 from 67 days.

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CBR Staff Writer

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