Global law firm DLA Piper has advised Australian financial services software company Demyst on its sale to Feedzai, a Portuguese fintech specialising in fraud detection.
The transaction involved Demyst’s parent company (incorporated in the Cayman Islands) selling its two Australian subsidiaries, as well as assets in the US and Singapore. Approval was required from more than 100 securityholders, including venture capital investors in the US, UK and Singapore, as well as noteholders, warrant holders, and management shareholders.
Demyst provides a data management platform for financial services, helping banks and lenders assess credit risk using unstructured data. Feedzai’s AI-powered platform helps financial institutions detect and prevent fraud, money laundering, and other financial crimes. Feedzai achieved unicorn status in 2021 following a funding round led by KKR.
The DLA Piper team was led by Corporate partners David Ryan and Kelly Morrison, with support from senior foreign legal associate Conor Dolphin and solicitor Donna Kwon.
David Ryan commented: “Having worked with Demyst during their earlier IPO planning, we were well positioned to advise on the legal and structural complexities of this cross-border sale. This transaction required careful coordination across multiple jurisdictions and investor classes, and it highlights the depth of our experience in executing complex, multi-faceted deals.”