Brazilian bank Itaú announced an agreement to acquire 100% of NeoSpace AI for approximately $589M. The bank will make an initial payment at closing, followed by deferred payments over five years. The acquisition is subject to regulatory approval and customary closing conditions.
NeoSpace AI is a Brazilian startup that develops large AI models for businesses, focusing on financial services. Its technology helps financial institutions personalize customer experiences, automate internal processes, and analyze data.
The acquisition will Itaú to develop AI technology internally, reduce its dependence on external providers, and accelerate the development of financial products.
The deal will also give Itaú ownership of NeoSpace AI’s technology and a team familiar with the bank’s operations, products, and regulatory requirements.
Source: LatamList
