Mobile TeleSystems (MTS), Russia’s largest mobile operator, on Monday announced that Intema S.a.r.l., a subsidiary of MTS AI, has signed an agreement toacquire a 100% stake in VisionLabs for RUB 7 bn (~USD $95 million)
The final deal amountis 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, andmarketing AI-based products on the global arena.
The agreement provides for Intema toacquire 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 equityinterest in MTS AI.
Viacheslav Nikolaev, MTS President & CEO
With MTS AI, we are creatinga powerful center of excellence in artificial intelligence, which will bring together strengthsacross people, expertise, and product development. The acquisition of VisionLabs willreinforce our AI product portfolio in the promising computer vision space, which will enableus to further enhance the potential of the MTS digital ecosystem, as well as deliver worldclass solutions for corporate clients in both Russia and abroad.
Alexander Khanin, MTS AI CEO
Over the next few years, artificialintelligence technology will become a key driver for business and social development. AtMTS AI, we are taking advantage of this window of opportunity by setting up Intema, whichis focused on identifying promising AI-based concepts and product ideas that can bedeveloped and launched with the help of investment and expert support.
