Exchange operator Nasdaq Inc said on Thursday it would buy anti-financial crime management products firm Verafin for $2.75 billion in cash. Verafin, founded in 2003, provides more than 2,000 financial institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. The deal will strengthen Nasdaq's existing regulatory technology and anti-financial crime solutions, bringing Verafin's products to 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory authorities, the company said. Nasdaq will finance the transaction, which will add to its earnings per share beginning in 2022, with a combination of $2.5 billion of debt and cash on hand. Join Mint channel in your Telegram and stay updated with the latest business news.

Source: Mint November 19, 2020 12:11 UTC