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Aarthi Belani focuses on M&A and venture deals in tech and life sciences. She represents strategic acquirers, especially in cross-border deals, venture capital funds, corporate venture capital, and emerging growth technology companies. She also has represented the sell-side and advised on sustainability, impact investment, health care, and financial services deals. Representative clients include AbbVie, ETS, Five9, Itron, NXP Semiconductors, Social Finance, SAP, Synaptics, Verimatrix f.k.a Inside Secure, and Verint.

Prior to joining Jones Day, Aarthi was on the in-house legal team covering strategy and corporate development at Credit Suisse in New York. In addition, she was a member of the Sustainability Network, a Credit Suisse OneBank (cross-divisional) initiative to develop impact investment products. At the start of her career, Aarthi was an associate in the New York office of an international law firm for five years, where she worked on complex cross-border M&A and innovative development finance.

She is a mentor for Cyclotron Road, Stanford's Impact Experience Bootcamp, and Unreasonable Group; a Leadership Committee member of How Women Lead, which is part of the campaign to get greater representation of women on corporate boards; and a director of Bidoun, a not-for-profit publishing, curatorial, and educational initiative that prints a quarterly magazine showcasing art and culture from the Middle East.


  • Educational Testing Service invests $2 million into LearnLaunch-operated, ETS-sponsored accelerator for education start-upsJones Day advised Educational Testing Service in its $2 million investment into a LearnLaunch-operated, ETS-sponsored accelerator for education start-ups.
  • AbbVie acquires MavupharmaJones Day advised AbbVie Inc. in its acquisition of Seattle-based Mavupharma, a privately held biopharmaceutical company focused on novel approaches to target the STING (STimulator of INterferon Genes) pathway for the treatment of cancer.
  • Novastar participates in $7 million Series A investment in Metro Africa XpressJones Day represented Novastar Ventures Limited in connection with the purchase by funds under its management of $7 million of Series A Preferred Stock in a private placement by Metro Africa Xpress, Inc., a Nigerian technology company that facilitates motorcycle ride-share and delivery services in Nigeria, with plans to expand to ten additional cities in West Africa.
  • Novastar invests in mPharmaJones Day represented Novastar Ventures Limited in connection with the purchase by a fund under its management of Series B Convertible Preferred Stock of mPharma through a private placement and secondary share purchase.
  • Inside Secure acquires Verimatrix for approximately $145 millionJones Day advised Inside Secure in its all cash acquisition of Verimatrix, Inc. for up to approximately $145 million in cash (including a potential earn-out).
  • SAP acquires Qualtrics for $8 billionJones Day advised SAP in its $8 billion acquisition of Qualtrics International Inc., the global pioneer in the experience management software category.
  • Oclaro sold to Lumentum for $1.8 billion in cash and stockJones Day advised Oclaro, Inc. in its $1.8 billion acquisition by Lumentum Holdings Inc.
  • Hitachi Vantara acquires REAN CloudJones Day advised Hitachi Vantara in its acquisition of REAN Cloud LLC, a global cloud systems integrator, managed services provider and solutions developer of cloud-native applications across big data, machine learning and emerging internet of things (IoT) spaces.
  • New Enterprise Associates invests in TuyaJones Day represented New Enterprise Associates in connection with its investment in Tuya Inc., a China-based technology company.
  • NXP acquires OmniPHYJones Day advised NXP Semiconductors N.V. in its acquisition of OmniPHY, a provider of automotive Ethernet subsystem technology.
  • Itron acquires Silver Spring Networks for $830 million, net of $118 million of Silver Spring's cashJones Day advised Itron, Inc. (NASDAQ: ITRI) in its acquisition of Silver Spring Networks, Inc. (NYSE: SSNI) by acquiring all outstanding shares of Silver Spring Networks, Inc. (NYSE: SSNI) for $16.25 per share in cash.
  • Otium Management invests in OwkinJones Day represented Otium Management in its funds' investments in Owkin, Inc., an artificial intelligence software company currently working on machine learning-based prediction modeling for drug trial optimization, clinical decision-making using population comparison, and other healthcare applications.
  • Inside Secure acquires SypherMediaJones Day advised Inside Secure in its acquisition of SypherMedia International, Inc., a California-based leading security solutions and services provider.
  • Social Finance acts as intermediary for Ventura County Project to Support ReentryJones Day represented Social Finance, Inc. in its role as intermediary for the Ventura County Project to Support Reentry, a collaborative pay for success project between Ventura County, Interface Children & Family Services, and Social Finance.
  • GE Digital acquires IQP CorporationJones Day advised GE Digital in its acquisition of IQP Corporation, a start-up operating in Israel, Japan, and the U.S. that provides a no-code or low-code IoT app builder, with a visual interface available on mobile, tablet, and PC, includes data apps, and is installable on public cloud, private cloud, and on premise.
  • Activation Energy secures tax-exempt statusJones Day advised Activation Energy, Inc., a nonprofit organization that supports the pursuit and diffusion of breakthrough discoveries in clean energy technology, in securing an IRS determination that it qualifies as a section 501(c)(3) organization.
  • Itron acquires Comverge for approximately $100 millionJones Day advised Itron, Inc. (NASDAQ: ITRI) in its approximately $100 million cash acquisition of Comverge, Inc. by way of the purchase of its parent company, Peak Holding Corp.
  • Lam Research attempts merger with KLA-TencorJones Day represented Lam Research Corporation in its proposed acquisition of all outstanding shares of KLA-Tencor Corporation in a cash and stock transaction that placed an equity value on KLA-Tencor of approximately $10.6 billion based on its closing stock price on October 20, 2015.
  • European-based venture capital firm invests in EndoStimJones Day represented an European-based venture capital firm in connection with its purchase of Convertible Preferred Stock in a private placement by EndoStim, Inc., a St. Louis-based medical device company.
  • Novastar invests in SokoJones Day represented Novastar Ventures Limited in connection with its purchase of Series A Convertible Preferred Stock in a private placement by Soko, an online store that connects online consumers to global makers and handcrafted jewelry from the developing world.
  • The following represents experience acquired prior to joining Jones Day.

    Represented Credit Suisse in private equity divestitures including the sale of CFIG, the customized fund-of-funds business, to Grosvenor Capital Management (more than $40 billion AuM post-combination); the sale to Blackstone of Strategic Partners, a secondaries fund-of-funds business with $9 billion AuM; and, among others, the multiparty negotiation of disposition of businesses' proprietary software.

    Represented RxHub, founded by the largest pharmacy benefit managers in the U.S. (CVS Caremark, Express Scripts, and Medco), in merger of e-prescribing networks with SureScripts, formed by the National Association of Chain Drug Stores and the National Community Pharmacists Association.

    Represented the Global Fund to Fight AIDS, Tuberculosis and Malaria in its Product (RED) commercial-charitable co-marketing venture with American Express, Apple, Gap, Motorola, and others to donate a percentage of profits from all (RED)-marketed products to the Global Fund's programs.

    Represented the Republic of Liberia in a $1.5 billion restructuring of external commercial debt under the Highly Indebted Poor Countries (HIPC) initiative of the World Bank and IMF.

    Represented Evraz Group S.A. in a $4.03 billion acquisition of Sweden's SSAB Svenskt Stål AB's North American plate and pipe business and tube operations and concurrent sale of U.S. tube operations to Russia's OAO TMK as well as in a $565 million acquisition by tender offer of Claymont Steel Holdings, Inc.

    Represented Ricoh Company in licensing issues related to its joint venture with the printing systems division of IBM.

    Represented Citibank N.A. in a $1.45 billion acquisition of The BISYS Group, Inc. and concurrent sale of insurance and retirement services divisions to J.C. Flowers & Co. and later sale of broker-dealer to Foreside.

    Represented AIG Global Investment Group in the acquisition of P&O Ports North America, Inc. from Dubai Ports World.

    Represented Bank of America in the sale of its $2 billion Argentine banking business to Standard Bank of South Africa Limited.

    Represented Financial Security Assurance Inc. in a Chilean road infrastructure concessionaire's guaranty-backed bond issuance.

    Counseled Grameen Foundation on its growth guarantees program, an innovative financing program for microfinance institutions where major international bank standby letters of credit are leveraged locally to obtain direct loans, securitizations, and private placements.

    Speaking Engagements

    • September 12, 2019
      Financial Poise Webinar: Private Company Board of Directors Boot Camp, West LegalEdcenter
    • September 10, 2019
      Financial Poise Webinar: Key Provisions in M&A Agreements, West LegalEdcenter
    • April 23, 2018
      Impact Investment Exchange (IIX) Impact Institute
    • January 18, 2018
      Financial Poise Webinar: The M&A Process: Understanding the Lifecycle of a Deal & Basic Deal Documents
    • December 6, 2017
      Impact in Action: Diversity Driving Revenue
    • October 5, 2017
      CLE Panel on Social Impact Bonds, 42nd Annual Bond Attorneys' Workshop
    • May 10, 2017
      Financial Poise Webinar: Business Law Dumbed Down, Episode #4
    • April 2016
      Practitioner-in-Residence, 2015-2016 Big Ideas Contest at the Blum Center
    • February 24, 2016
      Key Provisions in M&A, Private Company M&A Boot Camp
    • February 11, 2016
      Impact Capitalism Train Stop
    • June 12, 2015
      Hot Topics in Startup/Venture Capital Law, panelist, South Asian Bar Association of North America 2015 Convention
    • February 28, 2015
      Mentor, girlTank (accelerator)
    • November 13, 2014
      Mentor, Unreasonable Institute (accelerator)
    • April 9-11, 2008
      What Can We Learn from Public-Private Partnerships in Infrastructure?, Public-Private Investment Partnerships in Health Systems Strengthening, 909th Wilton Park Conference
    • April 14-16, 2005
      A Case Study in Human Rights Accountability: Haiti and the Inter-American Development Bank, Lessons Learned from Rights Based Approaches to Health, Emory University
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