Russian mobile network operator buys VisionLabs

Friday 17 December 2021 09:36 CET | News

A subsidiary of Russia-based MTS has acquired Netherlands-based facial recognition company VisionLabs for USD 95.4 million.

The acquisition is being conducted by Intema, a subsidiary of MTS AI, via a 100% equity stake from VisionLabs’ existing shareholders. That includes the roughly 25% stake held by Sberbank, which first announced a partnership with VisionBox aimed at building a multimodal authentication platform back in November of 2017.

As Reuters reports, both Sberbank and MTS have been escalating business activities beyond their core businesses (of banking and mobile network services, respectively). Biometric technologies are increasingly being used in financial services and payments applications in Russia, as illustrated in the Moscow metro system’s face-based fare payment system, and Sberbank has a controlling interest in Speech Technology Center, which offers its own biometric technologies including facial recognition and voice biometrics, according to Reuters.

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Keywords: facial recognition, acquisition, digital identity, biometric authentication, biometrics
Categories: Fraud & Financial Crime
Countries: Russian Federation
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Fraud & Financial Crime

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