Nasdaq to pay $2.75 billion in cash to buy anti-financial crime company Verafin

/ / News

Nasdaq Inc. announced Thursday a deal to buy privately held anti-financial crime management company Verafin for $2.75 billion in cash. Based in Canada, Verafin provides more than 2,000 financial institutions a cloud-based platform to detect, investigate and financial fraud and report money laundering. Nasdaq expects the deal, which it anticipates will close in the first quarter of 2021, to add to earnings beginning in 2022. “In addition to Verafin’s significant contribution to Nasdaq’s strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond,” said Nasdaq Chief Executive Adena Friedman. “This combination meaningfully accelerates the evolution of our business mix toward highly scalable, subscription revenue.” The stock, which is still inactive in premarket trading, has gained 14.6% year to date, while the S&P 500 has advanced 10.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.