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3.06.25
Commerce’s Bureau of Economic Analysis Issues Mandatory Five-Year Survey of U.S. Direct Investment Abroad
The U.S. Department of Commerce's Bureau of Economic Analysis (BEA) recently issued its mandatory five-year benchmark survey to obtain data on direct investment abroad by U.S persons and businesses. The survey, known as the BE-10, must be filed by U.S. persons or businesses (referred to as "Reporters") holding, directly or indirectly, 10 percent or more of the voting stock of a foreign business at the end of the Reporter's 2024 fiscal year (FY2024). The reporting period is only one year. Reporters must file regardless of whether they are contacted by BEA. Completed surveys are due to BEA no later than May 30, 2025 (or no later than June 30, 2025, for Reporters filing 50 or more affiliate reports). Civil and criminal penalties may apply to Reporters that fail to make required filings. Requests for an extension must be submitted to BEA electronically through its eFile system. BEA uses the BE-10 surveys to produce statistics on the scale and effects of U.S.-owned business activities outside of the United States. An overview of the BE-10 survey follows.
Client Highlights
11.11.24
Wilson Sonsini Advises 11X on $50 Million Series B
On November 11, 2024, 11x, the leader in AI-powered digital workers for revenue teams, announced the closing of a $50 million Series B funding round led by Andreessen Horowitz. The investment accelerates 11x’s digital workers further into the era of AI agents. Wilson Sonsini Goodrich & Rosati advised 11x on the transaction.
11x’s first two digital workers have demonstrated remarkable results: Alice, the world's first AI SDR, manages campaigns, sources leads, and personalizes outreach, driving response rates three times higher than traditional SDRs. Jordan, a 24/7 multilingual phone rep, handles calls in over 30 languages, delivering up to 10x faster lead response times. Now 11x has doubled down on delivering truly autonomous outcomes for customers by developing an entirely new version of Alice using the latest agentic AI research: Alice 2.0. Alice 2.0 is fully autonomous, leverages first-party data, and learns from every interaction to improve over time. In the next year, 11x plans to launch multiple new AI agents while driving aggressive revenue growth and key hiring initiatives in San Francisco.
The Wilson Sonsini team that advised 11x on the Series B transaction included:
Corporate
Bradley Doline
Daniel Glazer
Michael Labriola
John Lynch
Abbie Currie
Employee Benefits and Compensation
Fleur Benns
Matthew Norgard
Emilie Sylvester
Employment Law
Martin Luff
Technology Transactions
Raj Mahapatra
11x’s first two digital workers have demonstrated remarkable results: Alice, the world's first AI SDR, manages campaigns, sources leads, and personalizes outreach, driving response rates three times higher than traditional SDRs. Jordan, a 24/7 multilingual phone rep, handles calls in over 30 languages, delivering up to 10x faster lead response times. Now 11x has doubled down on delivering truly autonomous outcomes for customers by developing an entirely new version of Alice using the latest agentic AI research: Alice 2.0. Alice 2.0 is fully autonomous, leverages first-party data, and learns from every interaction to improve over time. In the next year, 11x plans to launch multiple new AI agents while driving aggressive revenue growth and key hiring initiatives in San Francisco.
The Wilson Sonsini team that advised 11x on the Series B transaction included:
Corporate
Bradley Doline
Daniel Glazer
Michael Labriola
John Lynch
Abbie Currie
Employee Benefits and Compensation
Fleur Benns
Matthew Norgard
Emilie Sylvester
Employment Law
Martin Luff
Technology Transactions
Raj Mahapatra
Client Highlights
10.07.24
Wilson Sonsini Advises Aembit on $25 Million Series A
On September 12, 2024, Aembit, a leading non-human identity and access management (IAM) company, has secured $25 million in Series A funding, bringing its total capital raised to nearly $45 million. Acrew Capital led the round, with participation from existing investors Ballistic Ventures, Ten Eleven Ventures, Okta Ventures, and CrowdStrike Falcon Fund. Wilson Sonsini Goodrich & Rosati advised Aembit on the transaction.
Client Highlights
11.03.23
Wilson Sonsini Advises BibliU on Acquisition of Texas Book Company
On October 24, 2023, edtech innovator BibliU announced the acquisition of Texas Book Company, a privately held company in Texas and an industry leader in delivering affordable learning materials to higher education institutions across the U.S. Wilson Sonsini Goodrich & Rosati advised BibliU on the transaction.
Client Highlights
4.05.22
Wilson Sonsini Advises Remote on $300 Million Series C
On April 5, 2022, Remote, a leader in building, managing, and supporting global, distributed workforces, announced a $300 million Series C financing round led by SoftBank Vision Fund 2 with participation from existing investors, including Accel, Sequoia, Index Ventures, Two Sigma Ventures, General Catalyst, 9Yards, Adams Street, and Base Growth. The Series C round comes only eight months after Remote’s $150 million Series B, which cemented the company’s unicorn status, and brings Remote’s total raised to $495 million and its valuation to nearly $3 billion. Wilson Sonsini Goodrich & Rosati advised Remote on the transaction.
As more companies seek to employ talent around the world, the funding comes on the heels of exponential growth that has resulted in a 900 percent employee increase—Remote’s global team now includes over 900 people in more than 65 countries worldwide—and over 13-fold growth in annual recurring revenue in the past year, making Remote the fastest-growing employer of record in the world. Founded in 2019, Remote empowers companies—including GitLab, DoorDash, Loom, Paystack, and more—to build their teams with the best talent around the world. The Remote platform provides the necessary tools and expertise for clients to hire globally, pay teams in their preferred currencies, and remain compliant with ever-changing regulations. By fully owning and operating legal entities in each country, including staff on the ground in every market, Remote makes it possible for customers to offer competitive, culturally aware employment packages, including payroll, benefits, taxes, stock options, and regulatory compliance, to stand out in the global talent marketplace.
As more companies seek to employ talent around the world, the funding comes on the heels of exponential growth that has resulted in a 900 percent employee increase—Remote’s global team now includes over 900 people in more than 65 countries worldwide—and over 13-fold growth in annual recurring revenue in the past year, making Remote the fastest-growing employer of record in the world. Founded in 2019, Remote empowers companies—including GitLab, DoorDash, Loom, Paystack, and more—to build their teams with the best talent around the world. The Remote platform provides the necessary tools and expertise for clients to hire globally, pay teams in their preferred currencies, and remain compliant with ever-changing regulations. By fully owning and operating legal entities in each country, including staff on the ground in every market, Remote makes it possible for customers to offer competitive, culturally aware employment packages, including payroll, benefits, taxes, stock options, and regulatory compliance, to stand out in the global talent marketplace.
Client Highlights
1.20.22
Wilson Sonsini Advises ONI on $75 Million Series B
On January 20, 2022, ONI, a biotechnology company democratizing the ability to observe single molecules in living cells with its desktop Nanoimager microscopy platform, announced the closing of a $75 million Series B funding round. The round was led by ARCH Venture Partners and Casdin Capital with participation from Section 32, ARTIS Ventures, Vertical Venture Partners, Axon Ventures, and private investors, including Paul Conley. Existing investors, including Oxford Science Enterprises, also participated in the round. Wilson Sonsini Goodrich & Rosati advised ONI on the transaction.
News Articles
11.10.21
Wilson Sonsini Associates John Lynch and John Casey Featured in Law360 Article on Veterans Pro Bono Cases
On November 9, 2021, Law360 published an article, “BigLaw Attorneys Take on VA Roadbloacks to Help Fellow Veterans,” highlighting the complexities many veterans face in accessing benefits through the U.S. Department of Veterans Affairs. Wilson Sonsini associate John Casey, a former Air Force officer, is featured as one of a handful of military veterans turned corporate attorneys who are leveraging their military experience and legal know-how to take on pro bono cases helping their fellow service members.
Client Highlights
1.28.21
Firm Advises Peakon in $700 Million Acquisition by Workday
On January 28, 2021, Pleasanton, California-based Workday, Inc., a leading provider of enterprise cloud applications for finance and human resources, and Peakon ApS signed a definitive agreement under which Workday will acquire Peakon in an all-cash transaction. Wilson Sonsini Goodrich & Rosati is advising Peakon in the deal.
Client Highlights
12.11.20
Wilson Sonsini Advises Investor in Tempus’ $200 Million G-2 Financing
On December 10, 2020, Tempus, a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare, announced an additional $200 million financing at a post-money valuation of $8.1 billion, and an additional $250 million of convertible debt. The investors include Baillie Gifford, Franklin Templeton, Google, Novo Holdings, and funds and accounts managed by T. Rowe Price. Wilson Sonsini Goodrich & Rosati is advising Novo Holdings in the transaction.
Alerts
10.19.20
Mandatory U.S. Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons Due Soon to U.S. Government
The U.S. Department of Commerce's Bureau of Economic Analysis (BEA) recently issued its mandatory five-year benchmark survey to obtain data on financial services transactions between U.S. financial services providers and foreign persons and companies. The survey, known as the BE-180, must be filed by U.S. persons or businesses (referred to as "U.S. Reporters") that i) meet the definition of a "financial services provider" and ii) had covered financial services transactions with foreign persons during its 2019 fiscal year. "Financial services providers" is broadly defined and includes businesses not commonly understood as financial services providers, including but not limited to businesses primarily acting as principals in buying or selling of financial contracts (such as venture capital companies), businesses primarily engaged in managing portfolio assets (such as private equity funding management), and potentially fintech companies. A qualifying U.S. Reporter is required to file a BE-180 survey, whether or not contacted by BEA, and U.S. businesses that fail to file may be subject to civil or criminal penalties including fines up to $50,000.
Client Highlights
9.10.20
Wilson Sonsini Represents Lead Investor in Korro Bio’s Series A
On September 10, 2020, Korro Bio, Inc., a biotech start-up founded in 2018, announced a $91.5 million Series A financing to advance its novel platform for precise, single-base, RNA editing to modulate protein function for therapeutic applications. The financing was led by Wu Capital with participation from current investors Atlas Venture and New Enterprise Associates. Wilson Sonsini Goodrich & Rosati advised Wu Capital in the financing.