Home / Business and Economy / Itau Acquires AI Startup NeoSpace AI for $589 Million
Itau Acquires AI Startup NeoSpace AI for $589 Million
26 Oct
Summary
- Itau Bank agreed to acquire all shares of NeoSpace AI.
- The deal is valued at 2.925 billion reals, about $589 million.
- Part of the payment is due at closing, with the balance deferred.
Brazilian financial institution Itau has announced its acquisition of NeoSpace AI, a startup focused on advanced artificial intelligence models. This strategic move involves Itau purchasing all issued shares of NeoSpace AI. The total value of the transaction is set at 2.925 billion Brazilian reals, which is equivalent to approximately $589 million. The payment structure includes an upfront amount due at the deal's closing, with the remaining balance to be paid over a period of five years.
NeoSpace AI, which has been working alongside Itau for nearly two years, brings expertise in large AI models to the bank. This acquisition is a significant step for Itau in expanding its capabilities within the artificial intelligence sector. The completion of the deal is contingent upon receiving regulatory approval and meeting other customary closing conditions. The financial details were disclosed in a recent securities filing by the bank.
