MindBridge, a leading global provider of artificial intelligence-based risk and anomaly detection solutions for the financial services industry, will use this acquisition to strengthen its commitment to positively transform the accountancy and financial services professions and enhance its position in serving its growing client base in the UK and Europe.
Taylor Wessing has also advised on MindBridge's UK expansion.
Since releasing its flagship Ai Auditor in March 2017, MindBridge has grown its client base into 15 countries around the world and tripled the size of its workforce. With record year-over-year growth and the application of its AI platform towards solving broader use cases with leading banks and payment institutions, MindBridge continues to expand into new markets, including corporate finance.
Commenting on the deal, Taylor Wessing Corporate Technology partner Phil Shepherd said: “MindBridge is a company that seeks positive industry-transformation and this is an ethos we share here at Taylor Wessing as we seek to find innovative ways to tackle our client's legal issues. We are delighted to have assisted MindBridge with this acquisition and its UK expansion."
Eli Fathi, MindBridge CEO added: "We are aligned in our vision to transform the industry using artificial intelligence and ready to address the most pressing opportunities in helping organizations understand and leverage their financial data to make better decisions. Phil and the wider team understand the transformative approach we take and did outstanding work, truly facilitating this deal with a blend of expertise that has helped move our organisation forward and contribute to our new foothold in London."
The team was led by Phil Shepherd with support from corporate associates Becca Gaunt and Khadija Maalow. Employment advice was provided by partner and head of the Employment, Pensions & Mobility group Paul Callaghan and employment associate Zeinab Harb. Tax and Incentives partners Liz Wilson and Ann Casey provided tax and incentives advice respectively and further support was provided by paralegals Jess Nobes and Mudassar Iqbal.