S&P Global agrees to acquire OpenZeppelin in onchain security push

Financial data and ratings company S&P Global has agreed to acquire smart contract security firm OpenZeppelin, the companies announced Thursday.

In a press release, S&P Global said the deal would expand its risk assessment capabilities into the onchain technology-risk layer, while allowing OpenZeppelin to tap into its reach in traditional markets.

"OpenZeppelin's standards, technology, and expertise already power the infrastructure behind the world's leading stablecoins, tokenized funds, DeFi protocols, and onchain markets," OpenZeppelin CEO Demian Brener said in the statement. "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."

OpenZeppelin was founded in 2015, combining onchain security assessments and secure development services. The firm said its open-source smart contract libraries underpin over $37 trillion in value transferred, including the vast majority of the largest stablecoins and tokenized funds. It claims to have conducted more than 900 security engagements for digital asset protocols and institutions.

The business will continue to be led by Brener, operating as its own business unit under the OpenZepellen name. Brener will report to S&P Global Ratings President Yann Le Pallec.

"Our digital assets strategy centers on bringing trusted data, benchmarks, and transparent risk assessment to markets as they move onchain," Yann Le Pallec said. "As digital assets and tokenized markets continue to mature, OpenZeppelin's technology and expertise will complement our smart contract and onchain technology risk assessment capabilities, giving traditional financial institutions and DeFi-native companies alike the confidence to build and transact in this new environment."

Financial terms of the deal were not disclosed, and it remains subject to closing conditions. S&P Global said the transaction is not expected to have a material impact on its financial results.