The St. John’s-based firm, which makes anti-money-laundering and fraud-detection software for financial institutions, secured $515 million from long-term backers Information Venture Partners based in Toronto, and U.S.-based Spectrum Equity, among other investors. The deal leaves majority ownership with Verafin’s co-founders, management and employees.(The Logic)

Talking point: Verafin is one of Canada’s largest AI-powered tech companies. That its ownership remains in Canadian hands will be a boon for Newfoundland and Labrador’s nascent tech sector. Verafin is by far the largest software company in the province, with more than $100 million in annual revenue, up 87 per cent from 2017. The majority of its approximately 500 employees are based in Newfoundland and Labrador, and over the past three years the firm has hired a large portion of computer science grads out of Memorial University, the co-founders’ alma mater. Canada has seen a record $2.15 billion in VC investment in the first half of this year, and the Verafin deal sets a new benchmark as the largest venture deal in Canadian history, breaking a record set earlier this month.