S&P Global seals OpenZeppelin acquisition
Deal strengthens digital asset capabilities with smart contract security expertise
S&P Global has completed its acquisition of blockchain security firm OpenZeppelin, expanding its digital assets and onchain risk capabilities.
The transaction, first announced on 17 September, combines S&P Global's risk assessment business with OpenZeppelin's smart contract security and development expertise. Financial terms were not disclosed.
Yann Le Pallec, president of S&P Global Ratings, said: "As more of the financial system moves onchain, market participants need a clear view of the technology risk that sits beneath the assets they hold."
He added: "OpenZeppelin's expertise, from blockchain and smart contract security assessments and secure development to its widely used open-source library, is already foundational to that infrastructure."
Founded in 2015, OpenZeppelin has conducted more than 900 security engagements and identified more than 10,000 vulnerabilities before production. Its OpenZeppelin Contracts library has been used in projects representing more than $38tn in value transferred, according to the company.
OpenZeppelin founder Demian Brener said the company would continue providing security assessments and secure development services while maintaining its open-source contracts library.
"With S&P Global, we can expand the reach and impact of those standards across global markets," he said.
OpenZeppelin will continue to operate under its existing brand as a standalone business unit, with Brener remaining as leader of the business and reporting to Le Pallec.