Nasdaq Acquires NL Based Verafin for US$2.75-Billion

Nasdaq Acquires NL Based Verafin for US$2.75-Billion”

St. John's, Newfoundland-based online security and anti-fraud company Verafin has agreed to be acquired by global technology giant NASDAQ for $2.75 billion USA, the companies have announced.

Verafin, founded in 2003, provides more than 2,000 financial institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud.

The deal will strengthen Nasdaq's existing regulatory technology and anti-financial crime solutions, bringing Verafin's products to 250 banks, exchanges, broker-dealers and buy-side organisations, and regulatory authorities, the company said.

Nasdaq intends to finance the transaction with a combination of $2.5 billion of debt and cash on hand.

"We are committed to supporting innovation and growth in St. John's and Newfoundland and Labrador".

Verafin CEO and co-founder Jamie King.

Many banks are using old systems that aren't very effective at detecting money laundering and financial crime, Valerie Bannert-Thurner, a senior vice president at Nasdaq, said in an interview.

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She said the market is poised for growth because regulators have put banks and brokers "on the front lines" of cracking down on market malfeasance and white-collar crime, including manipulation, insider trading and money laundering.

The deal is the largest for Nasdaq since it acquired Nordic exchange OMX in 2008 for $3.8 billion.

Verafin will remain headquartered in St. John's, and Nasdaq will invest in Memorial University's innovation hub The Genesis Centre, the company said Thursday.

Nasdaq plans to keep Verafin's headquarters in St. John's and will support technology investment in the region, including funding a fellowship program at Memorial University, the companies said in a press release. The company also announced a new $1-million research and development partnership project with the Genesis Centre.

In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and will increase Verafin's level of charitable giving as the company continues to grow.

"The connections that they're going to be able to bring our business, the banks, the financial institutions, the markets that they work in globally, is tremendously exciting for us on that path to growth". Verafin is expected to deliver at least $140 million in revenue to Nasdaq in 2021. The sale is subject to regulatory approvals and is expected to close in early 2021.

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