Monday, 30 Nov 2020

Nasdaq to buy financial fraud detection firm Verafin for $2.75 billion

(Reuters) – Exchange operator Nasdaq Inc NDAQ.O said on Thursday it would buy anti-financial crime management products firm Verafin for $2.75 billion in cash.

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 organizations, and regulatory authorities, the company said.

Nasdaq will finance the transaction, which will add to its earnings per share beginning in 2022, with a combination of $2.5 billion of debt and cash on hand.

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