Itaú to acquire NeoSpace AI for $589M

Brazilian bank Itaú has announced plans to acquire NeoSpace AI, a startup that specializes in developing large AI models for businesses, for approximately $589 million. The acquisition, which is subject to regulatory approval and other customary conditions, involves an initial payment at the time of closing, with the remainder to be paid over a period of five years.

NeoSpace AI's technology enables financial institutions to personalize customer experiences, automate internal processes, and analyze data. The deal will allow Itaú to develop its own AI capabilities, reduce reliance on external providers, and accelerate the creation of new financial products. Additionally, the acquisition will grant Itaú ownership of NeoSpace AI's technology and a team well-acquainted with the bank's operations, products, and regulatory environment.