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Carl Icahn Takes Stake in Nuance, Stock Soars

Its technology reportedly powers Apple's Siri voice assistant


Icahn_106352500Shares of Nuance Communications (NASDAQ:NUAN) surged more than 5% in Tuesday morning trading after regulatory filings revealed that Carl Icahn had acquired a stake in the company.

The activist investor has acquired 29.3 million shares of the voice-recognition technology firm, a 9.3% stake. Icahn’s passive stake in Nuance is valued at $591 million, Forbes notes.

Icahn Signs Confidentiality Pact With Dell
Icahn Signs Confidentiality Pact With Dell

Icahn isn’t the only investor interested in Nuance, which is purported to provide the technology that runs Apple’s (NASDAQ:AAPL) Siri voice assistant. Warburg Pincus, a private equity firm, recently said it had taken a 14.6% stake in the firm.

Nuance has launched a new mobile advertising platform called Voice Ads, which allow consumers to use speech to interact with ads sent to their mobile devices.

Article printed from InvestorPlace Media,

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