TELUS International Acquires Playment, Firmly Staking Its Leadership in the Global Data Annotation Market

Rhea-AI Summary

TELUS International (TIXT) has acquired Bangalore-based Playment, enhancing its capabilities in data annotation and computer vision. This acquisition follows the earlier purchase of Lionbridge AI and positions TELUS to better support clients developing AI solutions. The computer vision market is projected to grow from $16 billion in 2021 to over $50 billion by 2026, highlighting its significance across various sectors. The deal is anticipated to bolster TELUS's competitive edge through improved data management and AI strategy, thereby driving future growth.

Positive

• Acquisition of Playment enhances TELUS International's computer vision capabilities.
• Strengthens position in the rapidly growing computer vision market projected to expand to $50 billion by 2026.
• Improved data annotation services expected to meet increasing client demands for AI development.

Negative

• None.

TELUS International (NYSE and TSX: TIXT), a leading digital customer experience (DCX) innovator that designs, builds and delivers next-generation solutions for global and disruptive brands, today announced the acquisition of Bangalore-based Playment, a leader in data annotation and computer vision tools and services specialized in 2D and 3D image, video and LiDAR (light detection and ranging) - a remote sensing method that uses laser pulses to measure variable distances. The acquisition follows TELUS International’s recent purchase of Lionbridge AI and builds upon the company’s existing deep domain expertise and experience in data annotation, uniquely positioning TELUS International to support technology and large enterprise clients developing AI-powered solutions across a variety of vertical markets.

“We are very excited to welcome Playment and its highly engaged, world-class product and engineering team to our TELUS International family today. The acquisition will meaningfully accelerate our company’s computer vision capabilities and further bolster our position at the forefront of our global peers with respect to technology innovation, strategy excellence and talent,” said Jeff Puritt, president and CEO of TELUS International. “As one of the key enabling technologies for today’s advanced AI applications, computer vision is among the most revolutionary technologies of our generation with applications across every sector of the economy. The technology has become increasingly valuable to tech firms and the wider market as brands seek to uncover solutions for scenarios that typically require complex human judgement from visual and spatial patterns to solve nuanced business challenges, and build innovative, market-leading smart products and services.”

The computer vision market is forecast to grow from nearly $16 billion in 2021 to more than $50 billion by 2026, according to an analysis by MarketsandMarkets. The technology is disrupting entire industries and driving transformational societal changes from supporting diagnoses in healthcare, to reducing fraud in banking, to improving e-commerce experiences through enhanced visual search features. In agriculture, for example, advanced farming processes powered by computer vision and AI can provide early and accurate detection and diagnosis of plant diseases based on a green-color ratio and other visual cues to reduce losses in crop yields. In harvesting, computer vision and AI systems can automatically grade and sort food items based on trained parameters, for example, in one fruit detection method, color cameras identify apples on trees that are ready to be picked, and additional stereo cameras detect their relative position for automatic harvesting by a robotic vacuum.

“Standing still is not an option for any company in any industry, but developing and powering the innovations of tomorrow requires a large and continuous supply chain of high-quality image and video training data, which also happens to be the most significant bottleneck in AI development,” shared Puritt. “With the addition of Playment’s expertise, ingenuity and proprietary data annotation platform, TELUS International is more strongly positioned than ever to meet our clients’ current and future needs to support their ongoing growth and evolution. As we continue to expand and evolve as a team and as a company, our focus will remain on empowering our clients to meet the accelerated pace of change in today’s digital world and creating long-term value for our clients, shareholders, team members and the communities where we operate.”

Playment was founded in 2015 and received funding from Elevation Capital (formerly SAIF Partners) and Y Combinator in the early phases of its development. Playment provides fully managed data annotation services that include AI strategy consulting and a SaaS-based platform that transforms videos and images into high-quality annotated data to support a broad range of use cases, ranging from computer vision and data categorization to search relevance. With a focus on data security, user experience and efficiency, and by engaging India’s largest on-demand skilled and secure workforce, Playment has established a hyper-productive environment that delivers datasets faster than its competitors.

“We are thrilled to embark upon the exciting journey ahead with the TELUS International team to harness the full potential of computer vision technology and to advance our joint mission of expediting the AI age through our many partnerships with brands around the world,” said Siddharth Mall, co-founder and CEO of Playment. “We look forward to growing our engagements with existing clients and having the opportunity to work with others that are currently supported by TELUS International to demonstrate the art of the possible through our complementary add-on image, video and LiDAR data annotation capabilities and computer vision expertise. By amplifying our R&D efforts to further extend our product leadership in the industry, and leveraging TELUS International’s global presence to accelerate our go-to-market strategy, together we will help drive disruption across all industry verticals, including in automotive, retail, Internet of Things (IoT), financial services, healthcare, and agriculture.”

TELUS International operates in more than 25 countries around the world with a diverse, multilingual team of more than 50,000 team members, and a global AI Community of more than one million trained data annotators and linguists spread across six continents. To learn more about TELUS International AI Data Solutions, visit www.telusinternational.com.

About TELUS International

TELUS International (NYSE and TSX: TIXT) designs, builds and delivers next-generation digital solutions to enhance the customer experience (CX) for global and disruptive brands. The company’s services support the full lifecycle of its clients’ digital transformation journeys and enable them to more quickly embrace next-generation digital technologies to deliver better business outcomes. TELUS International’s integrated solutions and capabilities span digital strategy, innovation, consulting and design, digital transformation and IT lifecycle solutions, data annotation and intelligent automation, and omnichannel CX solutions that include content moderation, trust and safety solutions and other managed solutions. Fueling all stages of company growth, TELUS International partners with brands across high growth industry verticals, including tech and games, communications and media, eCommerce and fintech, healthcare, and travel and hospitality. Learn more at: www.telusinternational.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210706005219/en/

FAQ

What is the significance of TELUS International's acquisition of Playment?

The acquisition enhances TELUS's data annotation and computer vision capabilities, essential for supporting AI solutions.

How does the acquisition affect TELUS International's market position?

It strengthens TELUS's competitive edge in the growing computer vision sector, which is expected to exceed $50 billion by 2026.

When was TELUS International's acquisition of Playment announced?

The acquisition was announced on July 6, 2021.

What technologies does Playment specialize in?

Playment specializes in data annotation and computer vision tools for 2D and 3D images, videos, and LiDAR.

What impact will the acquisition have on TELUS International's future growth?

The acquisition is expected to enhance TELUS's ability to support clients in developing AI solutions, driving long-term growth.