Itaú Agrees to Buy Brazilian AI Startup NeoSpace for R$2.925 Billion

Itaú Unibanco agreed to acquire all shares of Brazilian AI startup NeoSpace A.I. Technologies for R$2.925 billion. Part of the price is payable when the deal closes, while the remainder is deferred over five years and subject to conditions. The transaction still needs approval from Brazil’s competition authority, CADE, and the central bank. NeoSpace has supplied Itaú with artificial intelligence models for nearly two years. Itaú says NeoSpace will retain its own management, team and research work, with Bruno Pierobon remaining its chief executive.