Nasdaq to Buy Newfoundland’s Verafin for $2.75 Billion in Cash
- Canadian firm helps clients detect fraud, money laundering
- Market for combating financial crime expected to grow 17%
Adena Friedman, chief executive officer of Nasdaq Inc.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Nasdaq Inc. agreed to acquire Verafin, a provider of technology that fights financial fraud and money laundering, for $2.75 billion in cash.
Verafin, based in St. John’s, Newfoundland and Labrador, provides a cloud-based platform that helps customers detect and report financial crimes, according to a statement Thursday. Its current clients include 2,000 banks and credit unions in North America, and Nasdaq aims to expand those services to the largest banks and second-tier institutions, including in Europe.