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9.26.23
Wilson Sonsini Advises Arbor Energy on $9 Million Seed Round
On September 7, 2023, digital energy company Arbor Energy announced it has raised a $9 million seed round led by First Round Capital, with participation from Obvious Ventures, Spring Tide, and strategic angels such as Jon Stein (Co-Founder of Betterment), JD Ross (Co-Founder of Opendoor), Patrick Maloney (Founder of Inspire and Clean Industry Ventures), and Kiran Bhatraju (Co-Founder and CEO of Arcadia), among others. Wilson Sonsini Goodrich and Rosati advised Arbor on the transaction.
Arbor is the first robo-advisor for energy, saving people an estimated $500 in the first year by monitoring how much they pay for energy and helping them automatically switch to a cheaper rate with the same utility. Today, Arbor is available to homeowners and renters across 50 million households in deregulated energy markets, which includes most of the Northeast, Midwest, and Texas. Arbor founder and CEO Andrew Meyer says that the energy robo-adviser is only the first product and that Arbor plans to develop more tools around energy and data.
Arbor is the first robo-advisor for energy, saving people an estimated $500 in the first year by monitoring how much they pay for energy and helping them automatically switch to a cheaper rate with the same utility. Today, Arbor is available to homeowners and renters across 50 million households in deregulated energy markets, which includes most of the Northeast, Midwest, and Texas. Arbor founder and CEO Andrew Meyer says that the energy robo-adviser is only the first product and that Arbor plans to develop more tools around energy and data.
Client Highlights
5.30.23
Wilson Sonsini Advises Embark Technology on Acquisition by Applied Intuition
On May 25, 2023, Applied Intuition, Inc., a tooling and software provider for autonomous vehicle development, and Embark Technology, Inc., an autonomous trucking software company, announced that the companies have entered into a definitive merger agreement under which Applied will acquire Embark in an all-cash transaction in which Embark shareholders will receive $2.88 per share in cash. Wilson Sonsini Goodrich & Rosati is advising Embark and its Transaction Committee on the transaction.
Founded in 2016, Embark has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. Embark also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied aims to integrate Embark's internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries.
The transaction, which has been approved unanimously by the boards of directors of both companies, is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.
The Wilson Sonsini team advising Embark and its Transaction Committee on the acquisition includes:
Founded in 2016, Embark has built a robust autonomous software stack that uses machine learning methodologies for perception while relying on a safety-redundant compute system. Embark also developed a custom-built hardware platform optimized for autonomy and has performed extensive real-world testing and system deployment, with over 1.5 million miles of autonomous operations conducted on highways. Applied aims to integrate Embark's internal tools, data, and software assets to further improve its offerings for customers in the trucking and automotive industries.
The transaction, which has been approved unanimously by the boards of directors of both companies, is expected to close in Q3 2023 and is subject to approval by Embark shareholders and other customary closing conditions. Upon completion of the transaction, Embark shares and warrants will cease trading on NASDAQ, and Embark will become a privately held company.
The Wilson Sonsini team advising Embark and its Transaction Committee on the acquisition includes:
Client Highlights
4.04.23
Firm Advises Fastcase on Merger with vLex
On April 4, 2023, legal technology companies vLex and Fastcase announced that they are merging. Oakley Capital and Bain Capital Credit agreed to invest in the combined company. Wilson Sonsini Goodrich & Rosati advised Fastcase on the transaction.
Client Highlights
2.17.23
Wilson Sonsini Advises Caption Health in Acquisition by GE HealthCare
On February 9, 2023, GE HealthCare, a leading global precision care innovator, announced that it has signed an agreement to acquire Caption Health, Inc., a privately owned artificial intelligence (AI) healthcare leader that creates clinical applications to aid in early disease detection, using AI to assist in conducting ultrasound scans. Financial terms of the transaction are not being disclosed. Wilson Sonsini Goodrich & Rosati advised Caption Health on the acquisition.
With Caption AI applications, ultrasound examinations can be easier and faster, enabling a broader set of healthcare professionals to conduct basic echocardiogram exams. This technology can help detect signs of diseases like heart failure in at-risk patients across doctors’ offices, the home, and alternate sites of care, potentially preventing hospitalizations and supporting improved clinical outcomes.
With Caption AI applications, ultrasound examinations can be easier and faster, enabling a broader set of healthcare professionals to conduct basic echocardiogram exams. This technology can help detect signs of diseases like heart failure in at-risk patients across doctors’ offices, the home, and alternate sites of care, potentially preventing hospitalizations and supporting improved clinical outcomes.
Alerts
10.21.22
New Pay Transparency Laws in California and New York City Impose Disclosure Obligations for Any Position That Can Be Performed in Those Locations
California and New York City are joining Colorado and Washington state in imposing pay range disclosures in job postings. On November 1, 2022, covered employers will be required to include the salary range in a job posting for any position that can be performed, at least in part, in New York City. On January 1, 2023, covered employers in California will be required to publish the pay scale for the position in all job postings that can be filled by California residents. The new California law also requires employers to make certain additional disclosures upon request and to implement new reporting obligations, as detailed below.
Client Highlights
7.01.22
Wilson Sonsini Advises Kedalion Therapeutics on Acquisition by Novartis
On June 30, 2022, Novartis announced that it acquired Kedalion Therapeutics and its AcuStream technology, an innovative device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye. Wilson Sonsini Goodrich & Rosati advised Kedalion on the transaction.
Kedalion is a clinical-stage, venture-funded ophthalmic drug company based in Menlo Park, California. In November 2021, Kedalion Therapeutics announced the completion of its Series B financing led by Novartis, which included an exclusive option to acquire the company and its AcuStream technology.
Kedalion is a clinical-stage, venture-funded ophthalmic drug company based in Menlo Park, California. In November 2021, Kedalion Therapeutics announced the completion of its Series B financing led by Novartis, which included an exclusive option to acquire the company and its AcuStream technology.
Client Highlights
11.17.21
Wilson Sonsini Advises Kedalion on Series B Funding, Signing of Option to Acquire Agreement
On November 15, 2021, Kedalion Therapeutics announced the completion of its Series B financing led by Novartis and involving a combination of new and existing investors. The Novartis investment includes an exclusive option to acquire the company and its AcuStream technology. The agreement follows a feasibility study agreement with the AcuStream technology signed earlier this year. The subsequent feasibility study has been completed with successful results. Collaboration between the two parties is ongoing. The financial and other terms of this transaction have not been disclosed.
Client Highlights
10.14.21
Wilson Sonsini Represents Track 1099 in Its Acquisition by Avalara
On October 1, 2021, Avalara, a leading provider of tax compliance automation software for businesses of all sizes, announced it has acquired Track1099 LLC, a company that provides online software and services for cost-effectively managing, e-filing, and e-delivering IRS forms, including 1099s, W-2s, W-9s, and more. Wilson Sonsini Goodrich & Rosati represented Track1099 in the transaction.
Client Highlights
8.25.21
Wilson Sonsini Advises Ginger on Merger with Headspace
On August 25, 2021, Ginger, a leading provider of on-demand mental healthcare, and Headspace, a leader in mindfulness and meditation, announced that they have entered into a definitive agreement to merge. Wilson Sonsini Goodrich & Rosati is advising Ginger in the deal.
Client Highlights
7.29.21
Wilson Sonsini Advises Epic on Its $500 Million Acquisition By BYJU’S
On July 21, 2021, the global leader in personalized online learning, BYJU’s (backed by General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, and other notable investors), announced a $500 million acquisition of Epic, the world’s leading digital reading platform for kids 12 and under. The acquisition will help expand BYJU’S U.S. footprint by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user base, which more than doubled over the last year. Wilson Sonsini Goodrich & Rosati represented Epic in the transaction.
Client Highlights
12.01.20
Wilson Sonsini Advises Gainsight in Sale to Vista Equity Partners
On November 30, 2020, Gainsight, a leading customer relations technology company, announced it has signed an agreement to receive a majority investment from Vista Equity Partners, a leading global investment firm focused on enterprise software, data, and technology-enabled businesses. Wilson Sonsini Goodrich & Rosati represented Gainsight in the transaction.
Client Highlights
11.04.20
Wilson Sonsini Advises Telenav Special Committee in $241 Million Management Take-Private
On November 3, 2020, Telenav, Inc., a leading provider of connected-car and location-based services, announced that it has entered into a definitive merger agreement to be acquired by V99, Inc., a Delaware corporation led by HP Jin, co-founder, president, and chief executive officer of Telenav, for $4.80 per share in an all-cash transaction that values Telenav at approximately $241 million. Acting upon unanimous recommendation by a special committee, the Telenav board of directors unanimously approved the merger agreement and the merger, with Mr. Jin and Samuel T. Chen (a director at Telenav) recusing themselves from all related discussions and abstaining from the vote. The special committee negotiated the terms of the merger agreement with assistance from its independent financial and legal advisors. Messrs. Jin and Chen and a certain entity affiliated with Mr. Chen are expected to provide debt financing in connection with the proposed transaction. Wilson Sonsini Goodrich & Rosati represented Telenav’s special committee in the transaction.