BUSINESS

Samsung buys out small Greek firm specializing in text-to-speech

VANGELIS MANDRAVELIS

TAGS: Technology, Business

One more high-technology company in Greece has been bought out by foreign investors, as South Korean giant Samsung is taking over Innoetics, a small local firm specializing in voice technologies.

The Greek company announced on Monday that Samsung is acquiring 100 percent of Innoetics for an undisclosed sum and that its seven Greek employees will from now on work for the Korean company. According to Emilios Halamandaris, the head and now former owner of Innoetics, the company will cease any commercial activity conducted to date and focus exclusively on further developing the technology it has planned and developed so far.

Sources say that the technology Innoetics has developed will be used by Samsung in its rivalry with other technological giants like Apple and Google, in voice technologies included in modern appliances such as smartphones and tablets.

Innoetics was founded in 2006 by four Greek scientists. It has developed and sold in the market text-to-speech technologies, which, according to the company’s incubator, the Athena Research and Innovation Center, currently constitute the most important parameter in communication between humans and machines.
 

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