Sberbank acquires 51% stake in Speech Technology Center
Sberbank has acquired a 51% stake in Speech Technology Center from Gazprombank.
Sberbank Rossii PAO (MCX:SBER) has just announced a deal in the biometrics field.
Sberbank, Gazprombank and Digital Horizon have entered into a deal under which Sberbank acquires a 51% stake in Speech Technology Center (STC) from Gazprombank. Venture company Digital Horizon has also acquired a stake in STC. Gazprombank remains a strategic shareholder of STC and will continue to play an active role in the future development of the company. The deal is scheduled to close not later than late May 2019.
The shareholders will form a new board of directors at the company, which will consist of four Sberbank representatives including the chairman of the board, two representatives from Gazprombank and one from Digital Horizon.
STC is a leading Russian developer of biometric technology. The deal is set to provide STC with access to the resources and competencies of two of Russia’s largest financial organisations, including in the field of artificial intelligence and big data. In addition, the expertise of Digital Horizon’s international team is poised to give STC additional competitive advantages in the global market, which is expected to be worth around $40 billion by 2022.
Sberbank is known as a keen adopter and developer of new technology solutions. In February this year, for instance, Sberbank announced the launch of an AI-based chatbot that will help users of electronic trading system Sberbank Markets. The new solution will initially consult clients about FAQ related to the work of Sberbank Markets. In the future, the chatbot is set to gain extra capabilities. It will inform users about trading developments, as well as about perspectives of entering into deals with various asset classes.
