. . World news – CA – ‘Great match’: Nasdaq acquires Ferraven from Newfoundland for $ 2 USD. 75 billion deals

0
4

. .

For about three years, the administrators have been at U. s. Nasdaq is powerful. He’s been monitoring the growing Canadian tech company Verafin, whose platform helps banks and brokers crack down on anti-money laundering and fraud activities..

For the Verafin founders, who raised $ 515 million in themselves last year and turned down a number of previous suitors including strategic market players and private equity firms, a quick deal was never the goal..

« Over the years, we’ve had interest from various sources, and frankly, we’ve always been focused on our way forward and our own growth plans, » Jimmy King, CEO of Veravin, told the Financial Post Thursday.. .

« But I have to say after two conversations with Adena (Friedman, CEO of Nasdaq) and her team, we felt this was a great game.. It was very clear to us that inclusion could accelerate our growth and global expansion.

In addition to the value of the Nasdaq customer base and global reach – it has a network of more than 200 banks, exchanges, brokers, dealers, and buying organizations – King said the main selling point is that the Nasdaq has agreed to maintain the Verafin leadership team and headquarters in St.. John’s and made a series of additional commitments to Newfoundland and Labrador.

Among those pledges, a global exchange player who also serves the financial sector through its Market Watch Technology business has agreed to increase local employment levels in Newfoundland and Labrador to boost Verafen’s growth.. Nasdaq has also committed to providing at least $ 1 million in funding for research and development through the region’s premier innovation center.

“Nasdaq’s clear commitments to the county will help foster prosperity and opportunity across society as we continue to grow our business.

Verafin was founded in 2003 to develop technology that was initially used to build robots for the mining industry. The platform now provides investigation and visualization tools to detect money laundering and reduce costs for clients. The company has grown at a compound annual revenue growth rate of about 30 percent over the past three years, and is expected to generate revenue of $ 140 million in 2021..

Friedman said the informal conversations that led to the acquisition on Thursday started a few months ago with a Verafin owner, but added that the Canadian company has been on Nasdaq’s radar since the global exchange and technology company began a strategic review of its own business.. The industry has been around for about three years.

A focus on financial crime-fighting technology and platforms led to Verafin, and Friedman said they concluded that the Canadian company, which has intentionally built its client base from small banks to large banks in North America, is « the best in the group. ».

“It provides advanced technology in a very modern way to solve big problems in the financial industry,” she said.

“They have a cutting edge tech suite, and it’s cloud original . . . (The company has) very recurring profits, they have a high customer retention rate of 98%, and they have expanded with more than 2000 customers.

She said the market is set for growth because regulators have put banks and brokers « on the front lines » to crack down on market wrongdoing and white-collar crime, including manipulation, insider trading and money laundering.

The UN estimate cited by Nasdaq and Verafin indicates that about $ 2 trillion of money laundered through the financial system annually, with perpetrators finding new and sophisticated ways to move the money undetected..

The Verafin deal is not the first acquisition of Nasdaq in Canada. In 2016, the exchange group bought Chi-X Canada, an alternative trading system, which was renamed Nasdaq CXC Ltd..

Sign up to receive the most important daily news from the Financial Post, a section of Postmedia Network Inc.

Your welcome email is on its way. If you don’t see it, please check your junk mail folder.

Postmedia is committed to maintaining an active and civic forum for discussion and encouraging all readers to share their views on our articles.. Comments may take up to an hour to moderate before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications – you will now receive an email if you receive a response to your comment, if there is an update to a comment thread you follow or if a user is following comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

© 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transfer or repatriation is strictly prohibited.

This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic.. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.

NASDAQ, Finance, Newfoundland and Labrador, Financial crime, Verafin

World News – CA – « Great game »: Nasdaq to acquire Ferraven from Newfoundland with US $ 2. 75 billion deals
. . Related title :
Verafin is expected to sell the capital injection NL Tech Jobs
& # 39; Great Match CSEANDCHAR # 39;: NASDAQ Acquires Newfoundland& # 39; s Verafin for $ 2. 75 billion deals
Nasdaq& # 39; s Buy Verafin Big Bargain for Newfoundland and Labrador, inspiration for entrepreneurs: Co-Founder
– <a href = “/? s = Excitement is what the purchase of Verafin could mean for Newfoundland and Labrador & # 39; s Economy and Technology Sector Excitement mounts over what the purchase of Verafin for Newfoundland and Labrador could mean & # 39; s economy, technology sector
Nasdaq Inc. To buy Canadian company Verafin fraud detection for $ 2. 75 billion
Nasdaq to acquire financial crime fighting group Veravin for $ 2. 75 billion
Nasdaq ramps up crime-fighting technology for $ 2. 75 billion deals (2)
NASDAQ buys a Canadian fraud detection company for $ 2. 75 billion
Nasdaq to buy Verafin for financial fraud detection
Nasdaq& Smashing # 39; s US $ 2. A $ 75 billion deal for Newfoundland tech darling Verafin

Ref: https://financialpost.com

QU’EN PENSEZ-VOUS?

Donnez votre point de vue et aboonez-vous!

[gs-fb-comments]

Votre point de vue compte, donnez votre avis

[maxbutton id= »1″]