Sberbank to buy stakes in STC to create a global biometrics company

Monday 15 April 2019 13:18 CET | News

Sberbank has agreed to acquire a 51% stake in Speech Technology Center (STC) from Gazprombank.

Digital Horizon venture capital fund has also agreed to acquire a stake in STC. Gazprombank remains a strategic shareholder in STC and will continue to play an active role in the company’s future development. The deal is scheduled to close by the end of May 2019.

STC is a large Russian developer of biometric technology. The deal will give STC access to the resources and expertise of two of Russia’s largest financial institutions, including in the field of artificial intelligence and big data. In addition, the expertise of Digital Horizon’s international team will provide STC with additional competitive advantage on the global market for biometrics.

STC develops voice and facial biometric systems and solutions in the field of professional data processing and machine learning. The company’s products are sold in more than 75 countries. In Russia, STC’s technology is used by corporations such as Sberbank, Gazprombank, VTB, Vimpelcom, Rostelecom, and Russian Railways.

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Keywords: Sberbank, Gazprombank, biometrics, machine learning, voice, Russia
Countries: World