Sber’s profit from the sale of its shares will be more than $1 billion.
Intema, a subsidiary of MTS AI, will acquire a 100% stake in biometric company VisionLabs, according to a press release. The deal will amount to about 7 billion rubles.
- Sber, which has owned 25.07% of AI solution developers since 2018, will sell its stake in the company. For the bank, the price would be around $1.75 billion.
- “Sber” profits from pre-tax transactions will be more than 1 billion rubles, the bank said.
“Investing in VisionLabs gave us an excellent return on invested capital – the cost of Sber’s stake in the company has increased 3.7 times since entering the company in 2018,” said Lev Khasis, First Deputy Chairman of the Bank’s Management Board.
- The bank will continue to work with VisionLabs on a biometric platform for SmartBio, facial and gesture recognition for SberPortal, according to a press release.
- The controlling stake (51.77%) will also be sold by the VisionLabs founder. Based on the transaction price, the value of their share will be 3.5 billion rubles. This number may increase based on the achievement of the target indicators by VisionLabs within three years.
- The remaining 23.16% of Intema’s shares will be received from Sistema VC, AFK Sistema’s venture fund. Founder Alexander Khanin will remain Chairman of the VisionLabs Board of Directors.
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- The deal will close in 2022 after receiving the necessary regulatory approvals, he said.
- The MTS AI Center for Artificial Intelligence was founded in 2017. This year, AI chipmaker Kneron became part of the division. And in September, the company created a $100 million venture capital fund to invest in AI startups.
“The acquisition of VisionLabs will strengthen MTS’ AI product portfolio towards on-demand video analytics, which we can use to unleash the potential of the MTS digital services ecosystem and for the benefit of our corporate clients in Russia and in international markets. ,” said MTS President Vyacheslav Nikolaev.
- The telecommunications company plans to create a “disruptive product”. VisionLabs will continue to operate independently and will maintain its old business strategy and team, MTS assured.
As a reminder, information about the sale of Sber’s stake in VisionLabs emerged in September. Reuters sources cited a desire to avoid conflicts of interest as the reason for the sale. According to them, “Sberbank” wants to focus on developing the “Speech Technology Center” (MDG), which is developing in related fields.
Read also: Russian biometric company VisionLabs presents the first “two in one” POS terminal.