Russia-based operator MTS struck a deal to acquire AI specialist VisionLabs for around RUB7 billion ($95 million) through a subsidiary set up to develop, launch and market compatible products globally.
MTS stated plans to make VisionLabs the largest asset held in the portfolio of Luxembourg-based subsidiary Intema, which falls under the operator’s MTS AI business.
The asset is being bought from its founders and venture capital investors.
VisionLabs claims to be one of the world’s leading companies in developing new products based on computer vision and machine learning. It has delivered 500 individual projects across 37 countries, with customers in the communications, financial, transport and power sectors.
MTS president and CEO Viacheslav Nikolaev said his company aimed to create a “powerful center of excellence in AI”.
He added 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 world-class solutions for corporate clients in both Russia and abroad”.
The deal is subject to regulatory approval and the exact final sum paid by MTS is dependent on agreed short-term performance statistics for VisionLabs.