Brazil’s Itau Agrees to Buy AI Startup NeoSpace for $589 Million
9 Articles
9 Articles
Itau Buys Brazil AI Startup NeoSpace for $580 Million in Cash
Itaú Unibanco signed an agreement to acquire all the shares of NeoSpace, a Brazilian startup specialized in the development of foundational data models, for R$ 2,925 billion. According to a statement released on Monday (26), the operation seeks to expand the bank's capacity to develop its own technologies for financial services. The acquisition deepens a partnership started almost two years ago, according to Itaú, during which companies develope…
According to the terms of the agreement, the bank will pay US$589 million, of which one part will be paid at the close of the operation and the rest will be postponed over five years
Itaú Unibanco (ITUB4) announced on Monday (26) the acquisition of 100% of the shares of the Brazilian artificial intelligence startup (IA) NeoSpace, for R$ 2,925 billion. The bank will pay a installment at the close of the operation and the rest will be paid over five years, subject to certain conditions. The startup provides services for the [...]
Brazil’s Itau agrees to buy AI startup NeoSpace for $589 million
SAO PAULO, Oct 26 : Brazilian lender Itau said on Monday it had entered an agreement to acquire all shares issued by artificial intelligence startup NeoSpace AI. Under the deal, the bank will pay 2.925 billion reals ($589 million), with part due at closing and the balance deferred over five years, it said in a securities filing. […]
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