Koninklijke Philips Electronics N.V. (Royal Philips Electronics) is the parent company of the Philips Group (Philips). As of January 1, 2008, Philips’ activities are organized on a sector basis, with each operating sector Healthcare, Consumer Lifestyle and Lighting being responsible for the management of its businesses worldwide. The Company aims, through the Innovation & Emerging Businesses sector, to invest in projects that are not part of the operating sectors, but which will lead to growth. The Group Management & Services sector provides the sectors with support through shared service centers. In September 2008, Medialink Worldwide Inc. announced the transfer of its ownership interest in Teletrax to the Company. In October 2008, the Company sold its speech recognition activities, Philips Speech Recognition Systems, to Nuance Communications, Inc. In December 2008, it acquired the aerosol therapy business of Medel SpA. In March 2009, the Company acquired Dynalite.