Huge news today in the local tech industry.
Nasdaq is acquiring Newfoundland-based Verafin for US$2.75-billion in cash.
The agreement will combine Verafin’s anti-financial crime management products with Nasdaq’s reach to create a global SaaS (Software as a Service) leader in the fight against financial crime.
Nasdaq says it is committed to growing Verafin’s business and creating opportunities for its employees. The purchase will help Verafin expand its position as an economic and technology leader from its base in St. John’s.
Verafin’s headquarters will stay in St. John’s and its executive leadership team will remain in place.
Financial crime is a significant – and growing – global issue that demands courageous action. This bold step of acquiring Verafin empowers Nasdaq to play an increasingly important role in building stronger economies around the world.
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— Nasdaq (@Nasdaq) November 19, 2020
Nasdaq, a global technology company, plans to expand Verafin’s crime-fighting platform to the big banks in the United States and to Europe.
Nasdaq President and CEO Adena Friedman says the global technology company plans to expand Verafin’s crime-fighting platform to the big banks in the United States and to Europe.
She says they haven’t brought their business anywhere outside North America yet. Nasdaq wishes to demonstrate that it is investing not just for the short term but for the long term.
Meanwhile, Paul Preston, Executive Director of TechNL says today’s announcement really puts Newfoundland and Labrador on the tech map.
It will bring a “whole level of attention and focus” onto the Newfoundland and Labrador tech sector. He calls it a great day for tech in this province.
