Acquisitions

Itaú acquires Zup for $140M in a 4-year acquisition

LatAm List – The Brazilian bank Itaú recently acquired the growth-hacking and digital consulting company Zup for $140M (R$575M).

Over a 4-year process, the bank will take control of Zup in 3 stages, with Itaú taking over 51% of Zup in the first year for $70M (R$293M). The software company will help Itaú to develop digital transformation projects and offer improved online services to their clients.

Zup and its 900 employees will continue to operate separately from Itaú, and will not merge into the bank as the two companies work together.

Read more on Startse.

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