Goldman Sachs Invests in Unico IdTech and Takes the Brazilian SaaS Startup Valuation above $2,5 Billion

Unico’ Series-D was led by Goldman Sachs Asset Management, and the original investors Softbank Latin America Fund and General Atlantic joined the round

Goldman Sachs Invests in Brazil software powerhouse Unico IdTech and takes the Brazilian SaaS startup valuation above $2,5 billion, the highest valuation of a Brazilian software company second only to publicly traded Totvs which is valued at $4,3 billion. As Goldman Sachs Invests in Unico, the software company is poised to top Totvs’ as the largest valuation software company of Brazil.

Goldman Sachs Asset Management was the bank’s arm which led Unico’ Series-D round, and it was joined by Softbank Latin America Fund and General Atlantic which led a previous round of investment in the software company eight months ago.

Founded in 2007 by Diego Martins, Rui Jordão and Paulo Alencastro, Unico IdTech closed last fiscal year with annual recurring revenues (ARR) of about $100 million, 180% higher than the previous year. The company has expanded its business beyond Brazilian borders to Mexico and Colombia. According to Martins, Unico has currently about 25 million identity authentication transactions per month including access to banks, digital wallets, fitechs, retail and e-commerce.

According to Diego Martins, Unico‘s CEO, the company’s strategy in this round consisted in bringing to its Cap Table an investor with the credibility of a Goldman Sachs, aiming at the internationalization of the business and a more aggressive M&A game plan. For Martins Goldman Sachs investment in Unico is also a strategic move.

In 2021 the startup invested in major acquisitions including ViaNuvem, CredDefense and SkillHub. The company’s plans for 2022 include integrating its digital identity products and biometric transactions to leverage its platform and ecosystem.

The Esquires and the Firms Behind the Deal

Bronstein, Zilberberg, Chueiri & Potenza Advogados represented and acted as Brazilian legal counsel to Unico. 

Partners Eduardo Zilberberg and Sergio Bronstein led the Bronstein Zilberberg deal team, which included associates Paula Bobrow, Amanda Iranga and Raquel Sayeg.

Bronstein Zilberberg is a full service law firm based in São Paulo and is highly recognized as one of the top M&A Venture Capital law firms in the country. 

Foley & Lardner LLP acted as U.S. legal counsel to the Unico IdTech. 

The author of Latin America’s Investment Boom and the Pitfalls of American Jurisdiction, Foley’s Silicon Valley partner and Latin America specialist,  Andre Thiollier and Partner Emory Ireland represented Unico IdTech and led the Foley’s legal deal team in structuring the U.S. and international aspects of the transaction with contribution from Cayman Weimer. 

The Am Law 50 Foley & Lardner is a US-based full service global law firm with over 26 offices around the globe. 

Mattos Filho, Veiga Filho, Marrey Jr. and Queiroga Advogados acted as Brazilian legal counsel to Goldaman Sachs Asset Management.

Gibson Dunn & Crutcher LLP acted as U.S. legal counsel to Goldman Sachs Asset Management with Robert Banerjea leading the firm’s transaction team.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as U.S. legal counsel to General Atlantic with partner Adam Wollstein leading the firm’s deal team with contribution from associate Florian Kamp.