Itaú Unibanco has agreed to acquire all shares in NeoSpace A.I. Technologies, a Brazilian developer of foundational models trained on large-scale datasets, for 2.9bn reais ($589m).
The start-up has developed models using the bank’s proprietary data for generative AI applications.
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Itaú uses these models in products and services covering financial management, credit, customer relationship management (CRM), and fraud prevention.
The bank said the combination of NeoSpace’s capabilities with its data, expertise, and scale will support specialised models for use across its product and service portfolio.
The deal is connected to the development of “ia.i,” Itaú’s generative AI assistant.
Itaú intends to use the technology to tailor customer interactions and financial solutions more closely to individual client needs.
NeoSpace will continue to operate independently in its management and business activities. Its existing workforce will remain with the company.
Itaú will make one payment on completion, while the balance will be paid in instalments over five years, subject to agreed conditions.
The transaction requires approval from the Brazilian Antitrust Authority (CADE), the Central Bank of Brazil, and satisfaction of other customary closing conditions.
GlobalData estimates Itaú Unibanco’s ICT expenditure at $2.1bn in 2025.
According to the GlobalData report titled “Enterprise Tech Ecosystem: Itaú Unibanco 2026”, the bank’s software spending is estimated at $599.4m, including $151.7m for business process applications and $116.4m for ICT infrastructure management.
Meanwhile, earlier this year, Itaú Unibanco partnered with NTT DATA to improve digital customer experiences through its Íon Itaú investment platform.
