3 Firms Forge Nasdaq's $2.75B Deal For Financial Crime Co.

Law360 (November 19, 2020, 10:30 AM EST) -- Nasdaq Inc. has agreed to buy private equity-backed financial crime management software provider Verafin for $2.75 billion, the companies said Thursday, in an agreement etched by Wachtell, Blakes and Osler Hoskin.

The transaction sees New York-based Nasdaq acquiring Canada-headquartered Verafin, which provides cloud-based crime management services for more than 2,000 financial institutions in North America, according to a statement. Verafin's software uses artificial intelligence to help clients detect, investigate and report issues like money laundering and financial fraud. Under the ownership of Nasdaq, Verfafin's capabilities will become available to roughly 250 banks, stock exchanges, broker-dealers and regulatory authorities around the world....

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