S&P Global completed its OpenZeppelin acquisition, keeping the smart contract security firm as its own business unit while its code library stays open source.
Key Facts
S&P Global said on Monday it has completed its acquisition of OpenZeppelin, less than six weeks after first announcing the deal on Sept. 17.
OpenZeppelin will operate as its own business unit, with founder Demian Brener reporting to Yann Le Pallec, president of S&P Global Ratings.
Financial terms were not disclosed, and S&P Global said the deal is not expected to have a material impact on its financial results.
S&P Global has completed its acquisition of smart contract security firm OpenZeppelin, the financial data and ratings company said on Monday, adding a widely used smart contract library and security assessment business that will run as its own unit.
The deal extends S&P Global's digital asset risk work to the code beneath onchain products, including many of the largest stablecoins and tokenized funds, which run on OpenZeppelin's library.
"Completing this acquisition is an important step for our digital assets strategy," Yann Le Pallec, president of S&P Global Ratings, said in a press release. "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."
S&P Global's Oct. 26 announcement that it completed its acquisition of OpenZeppelin. Source: S&P Global
What OpenZeppelin Brings to S&P Global
Founded in 2015, OpenZeppelin runs smart contract security assessments and maintains OpenZeppelin Contracts, an open-source library of smart contract code.
Its security team has conducted more than 900 engagements and surfaced more than 10,000 vulnerabilities before production, while OpenZeppelin Contracts underpin over $38 trillion in value transferred, including many of the largest stablecoins and tokenized funds, according to S&P Global.
OpenZeppelin will continue to operate as its own business unit under the OpenZeppelin name. Brener will keep leading the business and report to Le Pallec.
OpenZeppelin Contracts to Stay Open Source
Brener said the team would keep doing security assessments and secure development work "while OpenZeppelin Contracts remain open source, free and publicly maintained."
"With S&P Global, we can expand the reach and impact of those standards across global markets," he said.
S&P Global said the acquisition expands its risk assessment capabilities into "the onchain technology-risk layer that underpins onchain financial products." Financial terms were not disclosed.
S&P Global first agreed to buy OpenZeppelin in September. Separately, Mastercard last week unveiled an API that scores stablecoin payments for fraud, scam and sanctions risk.
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