13 Jul 2023 11:07

MTS acquires 16% of business process robotization platform developer Primo RPA

MOSCOW. July 13 (Interfax) - A subsidiary of leading Russian mobile provider MTS, MTS AI LLC acquired a 16.04% stake in Primo RPA LLC on July 12, data in the SPARK-Interfax system showed.

The stake was acquired from Primo RPA founder Mikhail Ivanov, whose stake in the company, which was incorporated in September 2009, dropped to 83.96%.

MTS said in a press release on Thursday that Primo RPA is a developer of a platform for robotization of business processes in purchasing, accounting, sales, HR and other areas. The company will use the proceeds from the deal to develop its products, strengthen its team, for marketing and expansion on international markets in the Middle East, Africa and Latin America.

MTS did not disclose the price of the acquisition.

"With the acquisition of the stake in Primo RPA, MTS's portfolio of B2B products will include a fully-functioning platform for introducing robotization of any complexity and scale, from the launch of robot assistants to full automation of key business processes," MTS said.

MTS AI will integrate its own innovations in the area of artificial intelligence, including a speech synthesis and recognition system and facial recognition technology, into the developer's solutions, the company said.

Primo RPA earned a net profit of 27.1 million rubles on revenue of 36.3 million rubles in 2022, the SPARK-Interfax system showed. The company carried out more than 40 projects for companies in the industrial, financial and retail sectors last year.