MTS buying VisionLabs for $95.2 mln

TASS Russian News Agency | Dec 13, 2021 at 7:02 PM

MOSCOW, December 13. /TASS/. Intema, a subsidiary of MTS, will buy VisionLabs company specializing in computer vision and machine learning and the transaction amount will be about 7 bln rubles ($95.2 mln), MTS said on Monday.

"MTS informs that Intema, a subsidiary of MTS AI, signed binding documents in the transaction on acquisition of VisionLabs B.V. for the amount of about 7 bln rubles. The final deal amount will be determined according to results of targets delivery by VisionLabs during three years," MTS said.

MTS received all the required corporate approvals and the deal closure is conditioned by receipt of regulatory consents.

"We are forming in MTS AI the strongest expertise center in the artificial intelligence sphere, which consolidates developments, teams and competences being the best on the market. The VisionLabs acquisition deal will reinforce MTS AI product portfolio in the video analytics sphere enjoying demand, which we can use to unlock the potential of the MTS digital services ecosystem and in interests of our corporate clients in Russia and on the international market," MTS President Vyacheslav Nikolaev said in a comment.

VisionLabs is among global leaders in the sphere of developing products based on computer vision and machine learning. Financial and transport companies, retailers and international technology corporation are among company's clients.