Unico IDtech Acquires Trully.AI Securing a Foothold in Latin America’s Second Largest Market

Unico IDtech acquires Mexican Trully.AI securing for the Brazilian unicorn a foothold in Latin America’s second largest market. Brazil’s unicorn giant announced today it has acquired Mexican-based Truylly.AI to expand its operations internationally.

Unico is the leader in digital identity in Brazil and a SaaS powerhouse in Brazil.

Trully focuses on simplifying the vetting process for companies by offering a comprehensive platform to verify the backgrounds of independent contractors. This service is crucial in industries where businesses rely on third-party workers and need a high level of trust and security in their hiring practice.

Strategic Plans After Unico IDtech Acquires Trully.AI

As Unico IDtech Acquires Trully.AI, the company sees an incredible opportunity to grow in Latin America and beyond.

According to Forbes Mexico Trully, which will now be called Trully by Unico, has a strategic and technological vision that aligns perfectly with Unico. Forbes Mexico also cites Rodrigo Magalhaes, CEO of Unico Latinoamérica, to say that the “acquisition of Trully allows us to offer robust technological support to current customers in Mexico in addition to complementing and expanding the company’s capabilities, which will allow us to strengthen our position in the Latin American market“.

Founded in 2007 by Diego Martins, Rui Jordão and Paulo Alencastro, Unico was valued in its latest Series D round  led by Goldman Sachs in 2022 above $2,5 billion. Unico has over 50 million identity authentication transactions per month including access to banks, digital wallets, fintechs, retail and e-commerce.

The company also announced the acquisition of Dubai’s Oz Forensics, a startup specialized in the prevention of frauds using deepfake.

The deepfake industry has seen rapid advancements, making it increasingly challenging to distinguish between real and manipulated content. By acquiring this startup, Unico takes a proactive step towards enhancing global digital security and offering clients a more secure identity verification process

Unico has not disclosed the amount paid for its recent acquisitions.

The Esquires and the Firms Behind the Deal

Foley & Lardner LLP acted as legal counsel to IDtech Unico. 

 Silicon Valley partner Andre Thiollier led Foley’s deal team with contribution from tax partner James Howard and corporate associates Talita Guedes Duarte, and Wesley Choi. 

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

Mexico’s Creel García-Cuéllar Ayza y Enríquez acted as Mexican legal counsel to Unico. Partners Carlos Del Rio, Eduardo Brandt led Creel’s deal team with contribution from associate Javier Gómez Morín and Regina Cordero.

Creel is one of Mexico’s top law firms with offices in Mexico Ciry, Monterey and the European Union.

White & Case LLP acted as U.S. legal counsel to Trully.Ai.

Partners Rodrigo Dominguez, Rebeca Garcia-Lopez and Carlos Martinez led White & Case deal team.

White & Case is a US-based global law firm with over 47 offices in the U.S. and around the world.

Mijares, Angoitia, Cortés y Fuentes, S.C. acted as Mexican counsel to Trully.Ai counting on partner Francisco Glennie to lead the firms deal team.

Paoli Business Law also acted as counsel to Trully.Ai with partner José Paoli leading the firms deal team.