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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now