Spectrum Equity invests $60 mln in crime detection platform Verafin
U.S. growth equity firm Spectrum Equity has acquired a substantial minority stake in Verafin Inc for $60 million. RBC Capital Markets was the placement agent on the transaction. Based in St. John’s, Newfoundland, Verafin is a provider of compliance, anti-money laundering and fraud detection software solutions to the financial services industry. Update: Proceeds from the deal will support the company’s continued growth and investment in its software-as-a-service (SaaS) platform. Founded in 2003, Verafin is also backed by Canadian venture capital firms RBC Venture Partners, the investment arm of the Royal Bank of Canada, and Killick Capital.
15 May 2014•3 mins read
