Verafin & Nasdaq Finalize Deal

It’s hard to imagine driving past Verafin’s headquarters today, where over 600 people work on some of the world’s most advanced financial technology, that Verafin was only three students in a tiny office 18 years ago. But that’s exactly how it all began, with Jaime King, Brendan Brothers and Raymond Pretty trying to figure out how their idea for detecting minerals could possibly translate into being able to fight financial fraud, money laundering and illegal trafficking. 

Fast forward to this moment, and Verafin has finalized a $2.75B USD deal to be acquired by Nasdaq, the global corporation best known for their famous stock exchange. This marks the largest private acquisition of a technology company in Canadian history, and came only a year after Verafin closed another Canadian first - $515M in investment, the highest sum in national history. 

Today’s deal isn’t just significant in numbers. Verafin is a beacon of hope to Newfoundland & Labrador and the local startup community that hopes to follow in their footsteps. By creating well-paying, stable jobs, Verafin has sparked hope for a province who’s economic recovery depends heavily on the success of its technology sector. Verafin has also proven that you don’t have to leave NL to find history-making success - companies can start, grow and achieve their dreams right here. 

Verafin has also demonstrated that companies don’t just exist for profit - they help lift up their communities through philanthropy. Verafin has given their time, expertise and financial support to initiatives ranging from new startups, to local furniture banks, to Covid-19 relief efforts. Their generosity sets an example for the entire business community in NL.

So what is next for a company that has already accomplished so much? Verafin’s values of caring, teamwork and continuous improvement serve as their guiding principles towards their future. They have already committed to working with Nasdaq from their home base of St. John’s and continuing to hire and invest in their home province. Their story and their work will serve as a benchmark of excellence for years to come. 

And for Team Genesis?

We’re looking forward to graduating more small companies who can go on to achieve Verafin’s success. We’re looking forward to helping more startups hire their first employee. We’re looking forward to more aspiring entrepreneurs first approaching us with their business idea. For us at Genesis, the job comes full circle. Just like we did 18 years ago, we’ll get up each morning excited to help create more amazing companies. Onward and upward!

By: Annagray Campbell