Itaú Unibanco Holding S.A. said it and/or its affiliates agreed to acquire all shares issued by NeoSpace A.I. Technologies Ltda. for R$2.925 billion, a move the bank says will broaden its proprietary artificial intelligence capabilities.
The agreement calls for one transfer when the acquisition closes; the remaining consideration is to be paid over five years, subject to conditions, according to the filing dated Oct. 26. It leaves the amount due at closing and the timing of later payments unspecified.
Reuters reported that the price converts to about $589 million at R$4.9654 per U.S. dollar. The bank’s filing gives the amount in reais.
NeoSpace, a Brazilian AI startup focused on large foundational data models, has worked with Itaú for nearly two years, the bank said. It developed generative AI applications using models trained on Itaú data, including tools for personalized financial and credit management, according to the filing.
Itaú cited outcomes from the work in credit, customer relationship management and fraud prevention. It says NeoSpace’s capabilities, combined with the bank’s data, knowledge and scale, would help it build its own AI capacity and apply specialized models across more products and services. The filing did not quantify the deal’s expected returns or other costs.
The purchase also fits the bank’s plans for ia.i, its generative AI assistant, which offers a natural-language channel for customer questions, decisions and transactions. Itaú introduced the service in July, saying it was then available to about 300,000 customers and that the bank aimed to extend it to its full customer base by the end of 2026.
The bank says NeoSpace will retain independent management and operations, and its team will stay with the company.
The transaction requires prior review by Brazil’s Administrative Council for Economic Defense (CADE) and Brazil’s Central Bank, plus other customary closing conditions. Itaú gave no expected completion date; regulatory review and the deal’s closing remain the next milestones.
