S&P Global to acquire OpenZeppelin in onchain security deal

S&P Global, a ratings and financial data provider, has reached a deal to acquire OpenZeppelin, a smart contract security services vendor, per The Block. Both parties revealed the pact on Thursday.

OpenZeppelin, established in 2015, delivers security reviews and secure development for onchain apps. The firm claims its open-source libraries back more than $37 trillion in transferred value. Additionally, it has finished over 900 security projects for digital asset protocols and institutions.

Demian Brener, CEO of OpenZeppelin, remarked that the alliance will widen the firm’s reach. "With S&P Global, that foundation reaches a broader set of organizations entering this market, as well as the blockchain networks and DeFi protocols gaining institutional adoption," Brener added.

Brener stays as the head of the business, which will run as a separate unit under the OpenZeppelin brand. He answers to Yann Le Pallec, President of S&P Global Ratings. Le Pallec observed that the buyout fits with the company’s existing risk assessment services.

The transaction’s financial specifics stayed private. The deal awaits the fulfillment of closing conditions, and S&P Global stated it does not foresee a material impact on its financial results.