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Brazil's Itau agrees to buy AI startup NeoSpace for $589 million

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Brazil's Itau agrees to buy AI startup NeoSpace for $589 million

Business News Tech AI Brazil's Itau agrees to buy AI startup NeoSpace for $589 million

In a significant move to enhance its artificial intelligence capabilities, Brazilian lender Itau has agreed to acquire NeoSpace AI for 2.925 billion reals. This investment will be structured with an initial payment followed by a deferred balance over a period of five years. The partnership, which has lasted nearly two years, is still pending regulatory approval and other standard closing conditions, highlighting Itau's commitment to advancing its technological prowess.

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. NeoSpace, which specializes in large AI models, has worked with Itau for nearly two years, according to the filing. The deal is subject to regulatory approval and customary closing conditions.

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