The final value of the deal is subject to the performance of VisonLabs over the next three years.
MTS has announced that Intema (Luxembourg), a subsidiary of MTS AI, has signed a binding agreement to acquire VisionLabs for RUB 7 billion (€84.2 million). VisionLabs specialises in computer vision, a branch of AI that enables computers and systems to derive meaningful information from digital images.
MTS is Russia’s largest mobile operator and a provider of media and digital services. VisionLabs will become the largest asset in the portfolio of Intema, set up by MTS AI as a new brand to develop, launch and market AI-based products globally.
The agreement provides for Intema to acquire a 100% equity stake in VisionLabs from the company’s existing shareholders, which prior to the deal consisted of its founders (51.77%), Sberbank group companies (25.07%) and the Sistema PJSFC venture fund Sistema_VC (23.16%). VisionLabs Co-founder
Alexander Khanin will remain as Chairman of the VisionLabs Board of Directors, and he and Co-founder Ivan Laptev plan to convert their shares in VisionLabs into equity interest in MTS AI.
Viacheslav Nikolaev, MTS’ President & CEO, commented: “The acquisition of VisionLabs will reinforce our AI product portfolio in the promising computer vision space, which will enable us to further enhance the potential of the MTS digital ecosystem, as well as deliver worldclass solutions for corporate clients in both Russia and abroad.”