|By Marketwired .||
|May 15, 2014 08:01 AM EDT||
ST. JOHN'S, NEWFOUNDLAND -- (Marketwired) -- 05/15/14 -- Verafin Inc., the leading provider of fraud detection and anti-money laundering (FRAML) software to North American financial institutions, announced today a C$60 million investment by Spectrum Equity, a leading growth equity firm focused on the information economy. The investment for a substantial minority stake in the company will support Verafin's rapid growth and continued investment in its market-leading Software-as-a-Service (SaaS) platform.
"Financial institutions are facing ever increasing fraud threats and compliance mandates from regulators, and Verafin is committed to providing our customers with the best software solutions to allow them to effectively fight financial crime," said Jamie King, CEO of Verafin. "Spectrum brings a wealth of experience working with other high-growth technology businesses of a similar profile to Verafin, and we are excited to welcome them to our team."
"We have long been impressed by Verafin's commitment to developing innovative risk analytics and to harnessing these efforts in a solution that is both state of the art and easy to deploy," said Chris Mitchell, Managing Director at Spectrum Equity. "Large and small financial institutions alike are converging on Verafin's FRAML solutions as the optimal way to manage financial risk and to comply with regulation, and we are thrilled to be partnering with Jamie and the rest of the management team to continue driving Verafin's rapid growth and building a world class company."
Verafin's financial crime detection software combines powerful customer behavior risk analytics with easy-to-use case management and regulatory reporting solutions. Delivered via a SaaS platform and continually updated for the latest regulatory requirements and ongoing product enhancements, Verafin offers a comprehensive suite of software solutions that automates and strengthens clients' compliance programs and enables an enterprise view of customer activity.
RBC Capital Markets acted as exclusive placement agent for the financing.
Verafin is a leader in enterprise Fraud Detection and Anti-Money Laundering (FRAML) software with a customer base of over 1,100 financial institutions across North America. Utilizing advanced behavior-based analytics that help financial institutions prevent fraud and meet BSA, USA PATRIOT Act, and FACTA compliance requirements, Verafin is the exclusive provider of fraud detection and BSA/AML software for the California Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, Illinois Bankers Association and the Credit Union National Association (CUNA). Verafin maintains industry endorsements in 44 states across the U.S. For more information, visit www.verafin.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm that provides capital and strategic support to innovative companies in the information economy. Spectrum Equity has been an active investor in software and information services companies including World-Check (acquired by Thomson Reuters), RiskMetrics Group (acquired by MSCI), Seisint (acquired by Lexis Nexis), Passport Health (acquired by Experian), iPay Technologies (acquired by Jack Henry), and Mortgagebot (acquired by Davis & Henderson). Founded in 1994 with offices in Boston and Menlo Park, Spectrum Equity has raised $4.7 billion in capital across six funds.
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