Nuance Communications Acquisition, Valuation, Funding & Investors

Legora is a Swedish legal technology company headquartered in Stockholm that sells an agentic operating system for legal work. It was founded in 2023 as Leya by Max Junestrand, Sigge Labor and August Erseus and took the Legora name in 2025. Law firms and in-house legal teams use the platform for research, document review, drafting and workflow automation, through a Word add-in, an editor and other tools. Legora serves more than 2,000 customers in over 80 markets, employs more than 1,000 people in 18 offices and reports annual recurring revenue above 200 million dollars. It raised a 550 million dollar Series E at an 8.8 billion dollar valuation in October 2026. In 2026 it acquired Walter, Qura, Graceview, Cadastral and Wexler to extend the platform.

Commure is a privately held healthcare technology company that sells an AI platform for health systems and physician practices covering revenue cycle management, ambient clinical documentation, patient engagement and practice management. It was incubated at General Catalyst in 2017 and grew by acquisition, buying PatientKeeper from HCA Healthcare in 2021, merging with Athelas in 2023 and acquiring Augmedix and Memora Health in 2024. Tanay Tandon, the Athelas co-founder, has been chief executive since the merger. The company reported more than 500 healthcare organizations as customers and annual recurring revenue above 200 million dollars in 2025. In May 2026 it raised 70 million dollars led by General Catalyst at a 7 billion dollar post-money valuation, bringing total capital raised to 750 million dollars.

Abridge is an AI-powered platform that converts patient-clinician conversations into structured clinical notes for electronic health records. Pittsburgh-based and founded in 2018, it serves over 100 health systems including UPMC and Mass General Brigham. The system uses generative AI to generate SOAP notes, discharge summaries, and billing codes, reducing documentation time by integrating with Epic and Cerner. Abridge processes millions of encounters annually, ensuring HIPAA compliance and supporting multilingual transcription across U.S. hospitals.

Factory is a developer of AI agents named Droids that handle full software development tasks such as refactoring and migrations. San Francisco-headquartered, it integrates agents into IDEs, CLIs, browsers, and collaboration tools like Slack, offering enterprise-grade security for vendor-agnostic automation.

ElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.

Icon is a global contract research organization that provides outsourced clinical development services to pharmaceutical and biotechnology firms. Icon supports clients across late-stage clinical trials through the regulatory approval process and postmarket studies. Icon’s services include clinical trial management, patient recruitment, data analytics, laboratory services, and regulatory consulting. With more than 40,000 employees operating in over 50 countries, the company partners with life sciences firms to run clinical trials and bring new drugs to market.

Applied Intuition is a Mountain View-headquartered developer of simulation software, Vehicle OS, and self-driving toolchains for AI-driven autonomous vehicles. The company accelerates deployment across automotive, defense, trucking, construction, mining, and agriculture sectors. Major global automakers and Department of Defense programs rely on its platforms to validate sensor suites, perception stacks, and planning algorithms. Founded in 2017, Applied Intuition maintains offices in Washington, D.C., San Diego, Ann Arbor, London, Stuttgart, Munich, Stockholm, Bangalore, Seoul, and Tokyo to support international engineering teams.

Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2026, Pro Medicus earned 90% of revenue in North America, 7% from Australia, and the remaining 3% in Europe.

Shanghai United Imaging Healthcare Co Ltd provides customers with high-performance medical imaging equipment, radiotherapy products, life science instruments, and medical digitalization and intelligent solutions. The company’s products include MRI systems, CT scanners, X-ray imaging equipment, molecular imaging systems, radiotherapy linear accelerators, and life science instruments.

Tempus AI Inc is a technology company. It has built the Tempus Platform, which comprises both a technology platform to free healthcare data from silos and an operating system to make the resulting data useful. Its Intelligent Diagnostics use AI, including generative AI, to make laboratory tests more accurate, tailored, and personal.

Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. It has commenced commercialization activities for iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. The company also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus. The company has three primary commercialized micro-scale surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite.

GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

Roper Technologies is a holding company focused on acquiring, managing, and developing niche market-leading technology businesses. The company operates a decentralized business model whereby each portfolio company operates independently from the others. Roper positions itself as a free cash flow compounder, whereby excess free cash flow generated by its portfolio businesses is repatriated to the parent company, which is then utilized to acquire additional businesses. Presently, the company operates 30 distinct businesses with over three-fourths of the revenue coming from software products and over two-thirds of revenue coming from recurring and reoccurring sources.

Veeva is the global leading supplier of cloud-based software solutions for the life sciences industry. The company’s best-of-breed offerings address operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning systems that have limited flexibility. Its two main products are Veeva CRM, a customer relationship management platform for companies with a salesforce, and Veeva Vault, a content management platform that tackles various functions within any life sciences company.

M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain.

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx derives roughly 35% of its revenue from outside the United States.

Glean Technologies is an enterprise AI company headquartered in Palo Alto, California, that builds a work assistant and search platform on top of an organisation's own data. Its product connects to more than 100 workplace applications such as Slack, Google Drive, Salesforce and Zendesk, indexes their content in a permissions-aware knowledge graph and lets employees search, ask questions in natural language and build AI agents that automate workflows; Glean Agents launched in 2025. Glean sells subscriptions to large enterprises, with customers including Databricks, Reddit, Instacart, Pinterest, Duolingo, Canva and Sony Electronics. The company reported passing $100 million of annual recurring revenue in early 2025, less than three years after launch. It has raised more than $750 million from investors including Kleiner Perkins, Lightspeed, General Catalyst, Sequoia, Altimeter, DST Global and Wellington Management, most recently a $150 million Series F in June 2025 at a $7.2 billion valuation. Glean was founded in 2019 by Arvind Jain, a former Google distinguished engineer and Rubrik co-founder, with T.R. Vishwanath, Piyush Prahladka and Tony Gentilcore, and it introduced its assistive search product in September 2021.