19 November 2021
We have advised Sift, the leader in Digital Trust & Safety, on its acquisition of Keyless, a biometric authentication innovator which eliminates password-based account takeover while preserving user privacy.
Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivalled global data network of 70 billion events per month and a commitment to long-term customer partnerships. Global brands such as Airbnb, Doordash, and Wayfair rely on Sift to gain a competitive advantage in their markets.
Keyless’ zero-knowledge cryptography and privacy-preserving biometric authentication technology eliminates account takeover (ATO) fraud due to weak or stolen passwords, phishing, and credential reuse, while allowing users to log into websites and apps with just a look into a camera.
Adding to the capabilities in Sift Account Defense, Keyless provides account security for any business that is ready to embrace a passwordless customer experience through multifactor authentication that seamlessly allows users to log in to sites and apps from any device. Sift will offer Keyless products to highly regulated businesses and online merchants around the world.
Commenting on the transaction, corporate technology partner Siobhán Langwade said: "We are delighted to have supported Sift on its acquisition of Keyless, its first UK acquisition which will have a considerable impact on making authentication easier and safer for consumers. With account takeover attacks becoming increasingly prevalent, we look forward to seeing wider adoption of this ground-breaking technology as a result of this deal."
Marc Olesen, President & CEO of Sift, added: “Keyless has created a truly innovative product and we are excited to bring their team to Sift and for our customers to benefit from their incredible technology and expertise. We are very grateful to the Taylor Wessing team for their partnership and support throughout this process, and appreciate their expertise and strength in sector knowledge."
The transaction was led by partner Siobhán Langwade with support from senior associate Richard Faichney, associate Rachael Potts and legal adviser Deepti Patankar, support was also provided by partner Adrian Toutoungi, senior associates Rhys Bufton, Katie Lewis and Georgina Wardrop, and associates Charlie Adams, Joe Fallon and Millie Kempley.