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REF NO.: 13
SUBJECT: Memorial University to benefit from $2.75-billion tech giant merger
DATE: Nov. 19
Support for Genesis and other benefits associated with the news of Nasdaq's acquisition of Verafin has "transformative" potential, says Memorial President Dr. Vianne Timmons.
“Memorial has benefited from Verafin’s deep commitment and philanthropy for many years,” said Dr. Timmons.
“Their support of the Memorial Centre for Entrepreneurship, Genesis, various programs, scholarships and awards, and infrastructure has had an incredible impact on the institution, students and research. Their engagement is already having an important effect, and this transformational commitment has the potential to have exponential benefits in the long run.”
Dr. Timmons added that Memorial, through the work of entities like Genesis and in partnership with companies like Verafin, plays an essential role in helping Newfoundland and Labrador grow a vibrant, diversified economy.
Memorial is proud of Verafin’s ongoing deep connections to the university and to be part of its success story, added Memorial’s president.
Global technology giant Nasdaq will acquire Newfoundland and Labrador tech pioneer Verafin for (USD)$2.75 billion in cash, both companies announced Nov. 19.
The agreement will combine Verafin’s comprehensive suite of anti-financial crime management products with Nasdaq’s reach and established regulatory technology leadership to create a global leader in the fight against financial crime.
Verafin, created by three Memorial engineering graduates, got its start at the university’s business incubator, Genesis.
The agreement commits Nasdaq to work closely with Memorial to grow the university’s scholarship program, enhance its co-operative education programs and fund and supervise at least six Mitacs fellowships annually for master’s and PhD students.
Nasdaq also said it would invest (USD)$1 million in a research and development partnership project with Genesis, which is widely recognized as Newfoundland and Labrador’s pre-eminent innovation hub.
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