Verafin Explained

Verafin Inc. is a fraud detection technology and anti-money laundering software subsidiary of Nasdaq, Inc. based in St. John's, Newfoundland and Labrador, Canada.^[1] The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty .^[2]

Growth and development

More than 1,200 credit unions in the United States use Verafin to effectively fight financial crime. In July 2012, Verafin employed around 130 employees at their St. John's headquarters and Birmingham, Alabama office. It's reported that the company serves around 2,000 clients - mostly small and medium-size banks.^{[3] [4]} On November 19, 2020, Nasdaq, Inc. announced a deal to buy the company for US$2.75 billion, promising to maintain Verafin's existing headquarters in St. John's. The deal was completed in February 2021.^[5]

Awards and recognition

• 2011: Atlantic Business Magazine named Verafin President and CEO Jamie King in its Top 50 CEOs list.^[3]
• June 2012: Verafin was awarded the Exporter of the Year award by the Government of Newfoundland & Labrador's Department of Innovation, Business and Rural Development.
• Atlantic Business Magazine named Verafin President and CEO Jamie King for the second time in its Top 50 CEOs list.^[3]

Notes and References

1. News: Nasdaq to buy Canada's Verafin for US$2.75-billion. Mark. Rendell. The Globe and Mail. November 19, 2020. November 19, 2020.
2. Web site: Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between. Taylor. Roger. The Chronicle Herald. December 30, 2020. January 5, 2021.
3. Three New Awards for Verafin. Business Wire. July 27, 2012.
4. Web site: Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between. Tully. Shawn. [Nasdaq at 50: The company behind the tech-stock index reinvents itself as a financial-tech heavyweight]. February 8, 2021. May 27, 2021.
5. Nasdaq Completes Acquisition of Verafin. Bloomberg L.P.. February 11, 2021.