A Newfoundland high tech company has signed the largest venture capital deal in Canadian history.

Verafin, the world’s largest financial crime management software company, has completed a $515-million equity and debt recapitalization agreement.

The financing came from Spectrum Equity’s investment fund and Information Venture Partners, as well as several backers. It’s the second time Spectrum has invested in the company, after growth equity financing in 2014.

Jamie King, Verafin CEO, says it’s an exciting new phase for the company.

Verafin developed its fraud detection technology while in Genesis’ three-year incubation program, Enterprise, from 2003 to 2006, after preliminary research showed promise in detecting bank fraud. The company, based in St. John’s, employs more than 500 people.

Michelle Simms, CEO and president of Genesis, says Verafin’s focus, determination and commitment to understand the problem they are solving defines excellence.