Nordic Capital-backed Zafin to acquire Naehas

Zafin, a Toronto-based provider of bank modernization software, announced on Monday that it has agreed to acquire Palo Alto, California-based Naehas. A Zafin spokesperson told BetaKit the price is a nine-figure sum in US dollars, funded through a mix of equity and cash and partly financed with a credit line. The deal is expected to close by the end of this year.

Naehas, which has about 250 employees and generates between $30 million and $50 million USD in annual revenue, sells marketing and compliance technology to regulated institutions. Zafin said the purchase extends its portfolio of AI-enabled tools for banks, covering more of the path from product and pricing through offer execution and customer delivery.

The acquisition is Zafin's first major one since Swedish private equity firm Nordic Capital took a majority stake in early 2024. Zafin said it has more than doubled sales since that investment and expects the combined business to serve 16 of the top 20 US banks. Terms beyond the nine-figure range were not disclosed.