Nasdaq closes acquisition of Verafin
Nasdaq, Inc. (NASDAQ:NDAQ) has completed its acquisition of Verafin, an industry pioneer in anti-financial crime management solutions.
As FX News Group has reported, the agreement to acquire Verafin was announced on November 19, 2020. The definitive agreement puts the price of the deal at $2.75 billion in cash. The deal will combine Verafin’s comprehensive suite of anti-financial crime management products with Nasdaq’s reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime.
The transaction accelerates Nasdaq’s ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Looking ahead, Verafin’s capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaq’s technology to detect market manipulation and abuse.
Adena Friedman, President and Chief Executive Officer, Nasdaq, explains:
“At Nasdaq, we believe that fair, secure and transparent markets are vital to creating strong economies that move the world forward. Nasdaq’s global reach combined with Verafin’s powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. We are thrilled to welcome Verafin’s talented employees into the Nasdaq family and look forward to supporting local institutions in Newfoundland and Labrador to promote continued innovation.”
Verafin will continue to operate in St. John’s, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaq’s Market Technology business. Verafin’s existing executive leadership team will continue to lead the company.