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Hi Kit,

Somehow I knew the mention of Nuance would draw you out of the coconut and pineapple groves and back to your Hounds board. There were certainly a number of management errors especially in the area of botched acquisitions that never paid off and blew up the balance sheet debt. I’m not sure that their product has been commoditized though. They are still one of the few voice pure plays. Their focus is of course on very specific areas of the enterprise market as opposed to the consumer market that these other folks are addressing. These last five years have been a grind as they have transitioned from a revenue model based on upfront licensing fees to a pay-as-you-go subscription model, but that seems to have reached a tipping point and organic growth is returning. I’ve seen a 150% return in 11 years – not stellar, but still positive. I’ll hang with them for a little while longer and see. Ricci is retiring in a year, so there is that. Whether a somewhat brilliant leader will replace him is TBD.

It's interesting to compare the two companies.

I wouldn’t even know where to begin. It’s like comparing Apple to Chiquita. ;-)

Hope all is well with you and best wishes in 2017.

Stan
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