Earlier Scansoft was basically known for manufacturing desktop productivity softwares, such as imaging softwares and desktop dictation softwares. The acquisition has led to a global identity of Nuance Communications.
Scansoft was known as Visioneer before 1999. By 2005 it turned out to be the prime competitor of Nuance and hence, Nuance authorities considered the merging seriously.
The desktop software products that Nuance obtained from Scansoft following the acquisition included desktop voice recognition software Dragon NaturallySpeaking, document management software, optical character recognition software and OmniPage and numerous other imaging softwares. Entering the market in 2001, Scansoft started acquiring a number of companies in the speech synthesis and recognition sector. It even bought companies like SpeechWorks which, prior to Nuance-Scansoft merger, was the chief competitor of Nuance itself. At present Nuance Communications focus on Server and Embedded Speech Recognition, Medical Transcription software and systems, telephone call steering systems, automated telephone directory services and similar voice-based operations.
The retail finance software market in Belgium is quite prospective for core business. There are large as well as small scale companies providing retail finance software for a huge base of customers, mainly from banking, finance, retail and health care sectors. As one of the most advanced countries in the world both financially and technologically, Belgium regulates a hefty portion of European capital transactions every year. The average per capita income over there is quite high and people enjoy a healthy standard of living. Nuance after merging with Scansoft saw good business prospects in the Belgian market and immediately cashed on. The open market economy propagated by Belgian authorities plays a significant role in inviting foreign investments. The software market in Belgium or in any other country needs huge amount of money and intellectual resources to grow and develop. Being one of the founding members of the European Union, Belgium introduced a refreshing trend of setting up multinational companies that are headquartered in other nations. It helped a great deal in connecting two or more economies. Today the software market over there boasts of having some of the international giants such as IBM, Dell, etc. They are offering basic as well as customized services and IT solutions to various corporate and public sector companies in Belgium.
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