Nasdaq to buy financial fraud detection firm Verafin for US$2.75b

[NEW YORK] Exchange operator Nasdaq said on Thursday it would buy anti-financial crime management products firm Verafin for US$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 organisations, 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 US$2.5 billion of debt and cash on hand.

REUTERS

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