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Verafin receives C$515M equity, debt financing

Financial crime management software company Verafin Inc. has closed on a C$515 million equity and debt recapitalization.

New equity financing was provided by Spectrum Equity's current investing fund and Information Venture Partners' new fund with participation by new backers Northleaf Capital Partners, BDC Capital Inc. and Teralys Capital. Senior debt financing was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate.

Verafin will use the proceeds to accelerate its product innovation roadmap, to support the next phase of its growth, and for the expansion of sales and marketing initiatives to large financial institutions.

Houlihan Lokey Inc. acted as financial adviser to the company in the transaction.