MTS to Acquire AI Computer Vision Leader VisionLabs
MTS announces that Intema S.a.r.l. (Luxembourg) (“Intema”), a subsidiary of MTS AI LLC (“MTS AI”), has signed a definitive agreement to acquire a 100% stake in VisionLabs B.V. (“VisionLabs”) for RUB 7 bn. The final deal amount is subject to future performance-based metrics of VisonLabs over the next three years.
As a result of the deal, VisionLabs will become the largest asset in the portfolio of Intema, which was established by MTS AI as a new brand aimed at developing, launching, and marketing AI-based products on the global arena. 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 Chairman of the VisionLabs Board of Directors, and plans, together with Co-founder Ivan Laptev, to convert their shares in VisionLabs into equity interest in MTS AI.
The deal has been approved by the MTS Board of Directors (including its Audit Committee) and is also subject to regulatory approval. MTS was advised in the transaction by BofA Securities as financial consultant, and Herbert Smith Freehills served as legal counsel.
VisionLabs is one of the world’s leaders in pioneering new products based on computer vision and machine learning. The company has executed more than 500 computer vision projects in 37 countries around the world for more than 270 customers across the financial, telecommunications, retail, transportation, and power sectors. The company’s software helps process data from more than 1.7 million cameras across the globe. In 2020, the company’s revenue amounted to over RUB 1.1 bn.
VisionLabs’ recognition algorithms have been recognized among the world’s top-3 fastest in terms of matching speed by the U.S. National Institute of Standards & Technology (NIST). In addition, the company’s Liveness solution has been a three-time first-place winner for human anti-spoofing verification at the CVPR conference and workshop (2019-2021).