Nasdaq Announces Completion of Verafin Acquisition

The company agreed to buy Verafin in a cash deal worth $2.75 billion in November 2020.

Nasdaq announced yesterday that it has completed the acquisition of the anti-financial crime management solutions provider, Verafin. Both the companies entered into a definitive agreement in November 2020.

According to the official announcement, Nasdaq is planning to enhance its existing regulatory and anti-financial crime solutions infrastructure through Verafin. The technology company also mentioned that the executive leadership team of Verafin will remain unchanged.

Verafin is a financial crime management solutions provider. The company provides a secure software platform for fraud detection and prevention. Verafin has more than 2,000 clients including leading banks and credit unions.

Commenting on the completion of the acquisition, Adena Friedman, President and Chief Executive Officer at Nasdaq, said: “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.”

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$2.75 Billion Deal

Nasdaq entered into a definitive agreement with Verafin on 19 November 2020 to acquire the company for $2.75 billion in cash. In the latest announcement, the company updated its outlook for Verafin’s organic growth.

“Nasdaq is now updating its outlook for the organic growth in non-GAAP operating expenses over the medium-term to 3-6% up from the 2-4% amount previously announced, reflecting the strong growth expectations of Verafin and our combined anti-financial crime technology offering. Nasdaq includes acquisitions in its organic growth calculations after they have been part of Nasdaq for 12 months, and as such, Verafin’s impacts on organic revenue and non-GAAP expense growth will begin in the first quarter of 2022,” the official announcement states.

Nasdaq saw a jump in 2020 revenues as the company reported record trading volume in the US equities and options market.

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