On February 7, 2024, Minneapolis, Minnesota-based Entrust, a global leader in trusted payments, identities, and data security, announced that it has entered into exclusive discussions to acquire London-based Onfido, a global leader in cloud-based, AI-powered identity verification (IDV) technology. Wilson Sonsini Goodrich & Rosati is advising Onfido on the transaction.

With this contemplated acquisition, Entrust would add a market-leading, compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions. Additionally, Entrust would have the opportunity to advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events. This potential acquisition would bring industry-leading technology together to provide enhanced identity-based solutions that enable more trusted and secure interactions at scale for people, enterprises, and institutions.

Founded in 2012, Onfido makes it easy for people to access services through digital verification. The company has over $130 million in annually recurring revenue (ARR) and more than 500 employees. Onfido’s over 1,200 customers globally include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.

The entry into any definitive agreement remains subject to the completion of certain steps that are required in accordance with applicable laws and regulation.

Wilson Sonsini’s involvement in the transaction illustrates its continued presence in the UK market representing UK companies in their M&A transactions, particularly those involving U.S. buyers. The Wilson Sonsini team advising Onfido on the transaction includes:

M&A
Marty Korman
Ethan Lutske
Ross Davies
Esther Lukman
Eleanor Bleecker
Jennifer Eberly
Robert Gunn
Katherine Fuller

Corporate
Mark Baudler
Lianna Whittleton

Tax
Sarah Lane
Myra Sutanto Shen
Brandon King 

National Security
Stephen Heifetz
Mike Casey
Anne Seymour
Seth Cowell
Nimit Dhir
Bryan Poellot

Litigation
Anna Chase

Antitrust
Beau Buffier
Deirdre Carroll
Kimberley Biagioli

Employee Benefits and Compensation
Sriram Krishnamurthy
Fleur Benns
Michael Montfort
Jason Chan
Toni Hodge

Employment Law
Martin Luff
Matthew Gorman
Quinn Christie

Technology Transactions
Andrew Poling
Caitlyn Bingaman
Waen Vejjajiva
Isabel Annino

Privacy and Cybersecurity
Matthew Staples
Nikolaos Theodorakis
Michael O’Brien
Diya Jajal

For more information, please see the companies’ news release.