M&A Deal Summary

Nasdaq Acquires Verafin

On November 19, 2020, Nasdaq acquired software company Verafin from Spectrum Equity for 2.8B USD

Acquisition Highlights
  • This is Nasdaq’s 3rd transaction in the Software sector.
  • This is Nasdaq’s 2nd largest (disclosed) transaction.
  • This is Nasdaq’s 4th transaction in Canada.
  • This is Nasdaq’s 1st transaction in Newfoundland.

M&A Deal Summary
Date 2020-11-19
Target Verafin
Sector Software
Buyer(s) Nasdaq
Sellers(s) Spectrum Equity
Deal Type Add-on Acquisition
Deal Value 2.8B USD
Advisor(s) William Blair (Financial)
Osler (Legal)

Target

Verafin

St. John's, Newfoundland, Canada
website
Verafin is a leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

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Buyer(S) 1

Buyer

Nasdaq

New York, New York, United States

website

Category Company
Founded 1971
Sector Financial Services
Employees6,377
Revenue 6.2B USD (2022)
DESCRIPTION
Nasdaq OMX office in Stockholm.
Nasdaq OMX office in Stockholm.

Nasdaq is an exchange company. With over 3,900 listed companies, it delivers trading, exchange technology and public company services across six continents. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. Nasdaq was founded in 1971 and is based in New York, New York.

DEAL STATS #
Overall 25 of 30
Sector (Software) 3 of 5
Type (Add-on Acquisition) 19 of 23
State (Newfoundland) 1 of 1
Country (Canada) 4 of 5
Year (2020) 2 of 3
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-09 Solovis

Dallas, Texas, United States

Solovis, Inc. is a flexible, robust technology platform that enables detailed analysis and dynamic data modeling across multiple portfolios and pools of capital for actionable, transparent insights that empower investors from the front to back office. Solovis was founded in 2013 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Matter Denmark

Copenhagen, Denmark

Matter Denmark is a sustainability analysis and reporting provider. Matter Denmark was founded in 2017 and is based in Copenhagen, Denmark.

Buy -

Seller(S) 1

SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.

DEAL STATS #
Overall 59 of 70
Sector (Software) 10 of 12
Type (Add-on Acquisition) 36 of 43
State (Newfoundland) 1 of 1
Country (Canada) 1 of 1
Year (2020) 3 of 3
Size (of disclosed) 2 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-21 ExamSoft Worldwide

Boca Raton, Florida, United States

ExamSoft Worldwide, Inc. is a provider of computer-based testing software, designed specifically for high stakes and medium stakes exams. The company provides a highly reliable, turnkey solution to academic institutions and professional certification entities, with unparalleled customer service support. ExamSoft Worldwide was founded in 1998 and is based in Boca Raton, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-14 Quantile Group

London, United Kingdom

Quantile Group reduces risk in financial markets, delivering advanced strategies that rebalance and reduce counterparty risk between market participants, increasing the efficiency and liquidity of markets, improving returns for clients and making the financial system safer. Clients include the G15 top tier global banks, regional banks and other large institutional market participants. Quantile was founded in 2015 and is headquartered in London, with offices in New York.

Buy -
Mergr

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