Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. Tel. Additional financial terms were not disclosed. Nasdaqs clear commitments to the Province will help foster prosperity Type a symbol or company name. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. The agreement to acquire Verafin was announced on November 19, 2020. This cookie is used to store the user consent for the cookies in the category "Performance". Forward-looking statements in this communication include, among other things, statements about the potential benefits of the transaction and Nasdaqs plans, objectives, expectations and intentions with respect to its business andVerafin. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Verafin expects to deliver in excess of US$140 million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. Award-Winning Sales Intel. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics This cookie is used to store the referral link when a user initially discovers on Verafins website. . relationships, operating results, and business generally. The agreement to acquire Verafin was announced on November 19, 2020. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. Investors should not rely on any single financial measure when evaluating these businesses. industry. hub. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the Nasdaq is committed to growing Verafins business and creating opportunities for their employees. The anti-financial-crime sector is a US$12.5-billion industry expected to see a compound annual growth rate of about 17 per cent from now until 2024, according to the investor report. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . These cookies ensure basic functionalities and security features of the website, anonymously. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. This cookie is to store the resource that was in user's last activity. Additionally, we are committed to ARR for a given period is the annualized revenue of active contracts. These cookies track visitors across websites and collect information to provide customized ads. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. These measures are not in accordance with, or an alternative to, U.S. GAAP, and To connect multiple page views by a user into a single Clarity session recording. Google cookie is for Conversion Linker functionality it takes information in ad clicks and stores it in a first-party cookie so that conversions can be attributed outside the landing page. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Verafin now offers an all-in-one Anti-Financial Crime Platform for, Automating for Efficiency in your BSA/AML and Fraud Program, Navigating the Rising Challenge of Human Trafficking, Financial Crime Management for Credit Unions, Quarterly Cloud Insights Uncovered Q1 2023, Verafin Financial Crime Management iCore360. Microsoft Clarity cookie. However you may visit Cookie Settings to provide a controlled consent. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. To identify unique web browsers visiting Microsoft sites. Further information on these and other risk and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with theSECfrom time to time and available atwww.sec.gov. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. READ MORE Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Report Quarterly Cloud Insights Q1 2022 In recent years, Verafin has observed a significant increase in wire fraud incidents across the industry, including cases of Business Email Compromise (BEC), targeted consumer . St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . Verafin, a Nasdaq company, is an industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management,. ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. This cookie is to store the resource that was in user's last activity. Copy and paste multiple symbols separated by spaces. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. This cookie is to record user's consent for the cookies in the category "Functional". The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Driving the market is an uptick . These cookies are used for advertising, site analytics, and other operational purposes. Operating Status Active. Chris Mitchell, Managing Director at Spectrum Equity said, We are thrilled to be renewing our partnership with Verafin via this new investment to support its next phase of growth. Ed Ditmire, CFA: +1 212 401 8737ed.ditmire@nasdaq.com, Ryan Wells: +1 646 648 3887 ryan.wells@nasdaq.com, Yan-yan Tong: +46 (0)73 449 66 83yan-yan.tong@nasdaq.com, Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 6591ihamilton@longviewcomms.caAndy Lloyd: +1 416 402 5029alloyd@longviewcomms.ca, Brian Hartlen: +1 709 725 8235brian.hartlen@verafin.com. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. this transaction. When used in this communication, words such as will, believes, can and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. employment base, Nasdaq will work closely with Memorial University to grow its scholarship program at the University, enhance its co-op programs, and fund and supervise at least six Mitacs fellowships annually Nov 25, 2022. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Ed Ditmire, CFA: +1 212 401 8737ed.ditmire@nasdaq.com, Ryan Wells: +1 646 648 3887 ryan.wells@nasdaq.com, Yan-yan Tong: +46 (0)73 449 66 83yan-yan.tong@nasdaq.com, Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 6591ihamilton@longviewcomms.caAndy Lloyd: +1 416 402 5029alloyd@longviewcomms.ca, Brian Hartlen: +1 709 725 8235brian.hartlen@verafin.com. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Nasdaqs and LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The cookie is a session cookie and is deleted when all the browser windows are closed. 7819, Media, Analysts and General Contact For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. demands innovative action. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. comparative measure. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry This communication contains forward-looking information related to Nasdaq,Verafinand the acquisition ofVerafinby Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Verafins results will be reported within Nasdaqs Market Technology segment. Analytical cookies are used to understand how visitors interact with the website. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Great journalism delivered straight to your inbox. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a LinkedIn sets the lidc cookie to facilitate data center selection. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. Verafin analyzes customer activity across multiple transaction channels, providing you with robust alerts that highlight a wide range of fraudulent scenarios and protect you against fraudsters targeting your institution and customers. You can withdraw your consent at anytime. Verafins existing executive leadership team will continue to lead the company. . The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Canada. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth Type a symbol or company name. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. Verafin has enjoyed tremendous growth in recent years, and its long-term vision of fighting financial crime through collaboration and cross-institutional analysis is fast becoming the industry standard for fraud detection and anti-money laundering (AML) regulatory compliance. By clicking Accept, you consent to the use of ALL the cookies. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. When used in this communication, words such as intends, plans, Necessary cookies are absolutely essential for the website to function properly. We are thrilled to welcome Verafins talented employees into the Nasdaq family and look forward to supporting local institutions in Newfoundland and Labrador to promote continued innovation.. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of Quarterly Cloud . To track previous page view id and url. $=jQuery; LinkedIn sets this cookie for LinkedIn Ads ID syncing. Verafins legal advisor. The company's line of business includes providing computer programming services. Represents non-GAAP EBITDA margin percentage plus annual growth rate. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Used by Microsoft Advertising as a unique ID for visitors. Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in 2023, Nasdaq, Inc. All Rights Reserved. What industry is the company in? Longview Communications& Public Affairs (Canada). This cookie is used by Leadlander. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. Bloomberg Anywhere Remote Login. To connect multiple page views by a user into a single Clarity session recording. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Verafin, a Nasdaq company, is an industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 2020 Annual Report. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Verafins innovative anti-money laundering and fraud platform and client breadth. measures, including organic revenue growth, non-GAAP EBITDA and ROIC. For more information, visit http://www.informationvp.com. This cookie is to record user's consent for the cookies in the category "Functional". Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. Bing Ads sets this cookie to engage with a user that has previously visited the website. Get a D&B Hoovers Free Trial. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. HALIFAX Newfoundland and Labrador-based anti-financial-crime software firm Verafin has agreed to be acquired by stock-exchange operator Nasdaq in an all-cash deal valued at US$2.75 billion. existing regulatory technology and anti-financial crime solutions, which include its renowned Nasdaq Trade and Market Surveillance offering, its Buy-side Compliance product, as well as the Nasdaq Automated Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. As a Nasdaq company, Verafin extends its capabilities to service a global ecosystem of Tier-1 and Tier-2 banks, as well as regulatory authorities and consortium initiatives. 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A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the proposed transaction; and the effect of the announcement or pendency of the transaction on Verafins business Nasdaqs investment will help Verafin expand its This cookie is used to store user's information to prepopulate the forms and track user's site usage. On Thursday, November19, 2020 at 8:00 a.m. Together with Nasdaq, we will be a clear leader in expanding the fight against illicit finance by delivering our capabilities to a global client base from our The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or You also have the option to opt-out of these cookies. Sign up to receive the latest educational resources about today's financial Verafin provides a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. In order to foster the next generation of talent in the province and help support Verafins growing Combines Nasdaqs global reach and established regulatory technology leadership with. Investors should not rely on any single financial measure when evaluating these businesses. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. Get a D&B Hoovers Free Trial. However you may visit Cookie Settings to provide a controlled consent. Copy and paste multiple symbols separated by spaces. pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75billion in cash, subject to customary adjustments. Verafin is funded by 10 investors. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is used to store if a user has or has not consented to the use of cookies. will increase Verafins level of charitable giving as the company continues to grow. To track previous page view id and url. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. www.sec.gov. We also use third-party cookies that help us analyze and understand how you use this website. "Bloomberg Opinion" columnists offer their opinions on issues in the news. Investigator for anti-money laundering (AML). Asia Pacific +65 6212 1000. The cookie is used to analyse the website's visitors and monitor traffic patterns. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. To connect multiple page views by a user into a single Clarity session recording. To identify unique web browsers visiting Microsoft sites. Verafins existing executive leadership team will continue to lead the company. Necessary cookies are absolutely essential for the website to function properly. This cookie is used to store user's information to prepopulate the forms and track user's site usage. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in line with the true risk the customer poses to the institution. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . }); By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.s products and services. Verafin's. These cookies track visitors across websites and collect information to provide customized ads. } Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. This website uses cookies to improve your experience while you navigate through the website. Verafin is the industry leader in enterprise Financial Crime Management, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. More than 9 companies reportedly use Verafin products in their tech and software stacks, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, Verafin headquarters are located in 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada, Verafins main industries are: Financial Software, Software, Verafin appears in search results as Verafin, Verafin Inc, Verafi Inc, International Organization for Standardization, Web Hypertext Application Technology Working Group. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Here's a list of some of the top trending technologies and APIs used by Verafin. Oil-sands companies had a blockbuster earnings season. We also use third-party cookies that help us analyze and understand how you use this website. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. LinkedIn sets this cookie to store performed actions on the website. Bing Ads sets this cookie to engage with a user that has previously visited the website. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Nasdaq and Verafin believe that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Verafins financial condition and results of operations. Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. Labrador and an economic leader in St. Johns. This communication contains forward-looking information related to Nasdaq,Verafinand the acquisition ofVerafinby Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Verafin has raised a total of $454M in funding over 5 rounds. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. and Chief Executive Officer, Nasdaq. See the bigger picture with reporters and industry experts in subscriber-exclusive events. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Last Funding Type Private Equity. The transaction accelerates Nasdaq's ongoing . Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Create your Watchlist to save your favorite quotes on Nasdaq.com. Relying on siloed teams, spreadsheets, By following the money, financial institutions and investigators play a critical role in the fight against human trafficking helping to uncover the perpetrators and Verafin is the industrys leading Financial Crime Management platform, trusted by 1200 credit unions to strengthen compliance and combat evolving financial crimes. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 2023, Nasdaq, Inc. All Rights Reserved. Verafin Cookie. LinkedIn sets this cookie to store performed actions on the website. ARR does not have any standardized The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. This investment by Nasdaq, a global This cookie is used to record the user consent for the cookies in the "Advertisement" category. While the Nasdaq deal sees Verafin abandon the latter priority, it opens up its businessproviding financial institutions with a cloud-based platform to help them detect, investigate, and report money-laundering and financial fraudto the hundreds of firms that use Nasdaqs financial-fraud-detection services. Verafin, a Nasdaq company, is an industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. teamwork, entrepreneurship, and a commitment to continued growth and development. Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). LinkedIn sets this cookie for LinkedIn Ads ID syncing. As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Type a symbol or company name. Verafins research and development. Records the default button state of the corresponding category & the status of CCPA. This cookie is used to store the user consent for the cookies in the category "Other". well as future charges or reversals outside of the normal course of business.
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