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Looking ahead, Verafins capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaqs technology to detect market manipulation and abuse. The 2021 interagency guidance also listed what is not considered a model, such as standalone systems that flag singular transactions over certain dollar thresholds (such as wire transfers or cash activity). This cookie is used to store the user consent for the cookies in the category "Performance". We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Verafin expects to deliver in excess of US$140 million 4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. Combines Nasdaqs global reach and established regulatory technology leadership with. Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the 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 making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. These cookies track visitors across websites and collect information to provide customized ads. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. These cookies ensure basic functionalities and security features of the website, anonymously. Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the 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 making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. market. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Verafin respects your ET, Nasdaq will host a webcast presentation to discuss the transaction. 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.. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. LinkedIn sets the lidc cookie to facilitate data center selection. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Analytical cookies are used to understand how visitors interact with the website. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. The pattern element in the name contains the unique identity number of the account or website it relates to. This cookie is used to store the referral link when a user initially discovers on Verafins website. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. } The cookie is used to store if a user has or has not consented to the use of cookies. Verafin Financial Crime Management Jack Henry. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Houlihan Lokey served as the financial advisor to Verafin. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. Additional financial terms were not disclosed. Nov 25, 2022. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! 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. For more information, visit http://www.informationvp.com. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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 transaction is subject to regulatory approvals and other customary closing conditions. 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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 provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. Investors should not rely on any single financial measure when evaluating these businesses. This cookie is used to store the user consent for the cookies in the category "Performance". session and campaign data and also keeps track of site usage for the site's analytics report. Verafin Cookie. industry. EMEA +44 20 7330 7500. . This cookie is used to store the user consent for the cookies in the category "Other". This cookie is used to record the user consent for the cookies in the "Advertisement" category. A prior IVP fund provided initial venture capital financing for Verafin in 2009, and a prior Spectrum Equity fund led a substantial growth equity financing in 2014. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. See the bigger picture with reporters and industry experts in subscriber-exclusive events. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. This cookie is to record user's consent for the cookies in the category "Functional". Verafins results will be reported within Nasdaqs Market Technology segment. extraordinary growth and stellar client retention. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 2020 Annual Report. and infrastructure provider. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. items. Necessary cookies are absolutely essential for the website to function properly. 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. operate, and combatting financial crime is central to achieving our goals. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and ARR for a given period is the annualized revenue of active contracts. NEW YORK and ST. JOHN'S, Newfoundland and Labrador, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, announced today the completion of its acquisition of Verafin, an industry pioneer in anti-financial crime management solutions.The agreement to acquire Verafin was announced on November 19, 2020.. 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. 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. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. Osler, Hoskin& Harcourt LLP acted as Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These cookies ensure basic functionalities and security features of the website, anonymously. These cookies will be stored in your browser only with your consent. To track previous page view id and url. 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. Nasdaqs organic growth calculation methodology normally excludes acquired businesses from the measure until they have been part of Nasdaq for a full 12-month period. Verafins legal advisor. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in By clicking Accept, you consent to the use of ALL the cookies. Software Updates. This cookie is used to store the user consent for the cookies in the category "Other". making it more difficult to maintain business and operational relationships; risks related to diverting managements attention from Nasdaqs ongoing business operations; the negative effects of the announcement or the consummation of the Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Award-Winning Sales Intel. . This cookie is to store the resource that was in user's last activity. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Quarterly Cloud . This cookie is used to store the referral link when a user initially discovers on Verafins website. Records the default button state of the corresponding category & the status of CCPA. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. 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. 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. Driving the market is an uptick . will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. This cookie is used by Leadlander. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by customers. 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. This cookie is used to record the user consent for the cookies in the "Advertisement" category. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Corporate and Investor Relations Contact Phone Number 877.368.9986. This cookie is used to store the user consent for the cookies in the category "Necessary". and Chief Executive Officer, Nasdaq. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. Get a D&B Hoovers Free Trial. Verafin's. By clicking Accept, you consent to the use of ALL the cookies. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Verafin is funded by 10 investors. 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. Articles, Webinars, White Papers and more. 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 . Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Verafin raised a total of $422.2 M in funding over 3 rounds. Sales bookings and deal size at the company each grew by. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads, according to the user profile. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. These symbols will be available throughout the site during your session. Oil-sands companies had a blockbuster earnings season. You also have the option to opt-out of these cookies. with U.S. GAAP. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or What will they do with all the cash? the last three years. This cookie is used to store user's last activity, it is created by user's last activity time following with a unique multiple-digit number as session ID. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. privacy. This cookie is used by Leadlander. The cookie is a session cookie and is deleted when all the browser windows are closed. comparative measure. We look forward to working with Jamie and the rest of the Verafin team to continue to support their product-innovation led go-to-market strategy that has enabled the Companys explosive growth., Dave Unsworth, General Partner at IVP added, Verafin is in the very early innings of its mission to create the worlds most effective crime fighting network. accounting write-down on deferred revenue is excluded in these measures. Records the default button state of the corresponding category & the status of CCPA. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. LinkedIn sets this cookie to remember a user's language setting. 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. The cookie is used to analyse the website's visitors and monitor traffic patterns. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. Represents revenues less transaction-based expenses. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. This cookie is to store the resource that was in user's last activity. Connect with us on Social or feel free to contact us with any inquiries. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. The cookie is a session cookie and is deleted when all the browser windows are closed. Excludes the impact of purchase accounting write-down on deferred revenue. Create your Watchlist to save your favorite quotes on Nasdaq.com. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. These cookies will be stored in your browser only with your consent. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. 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. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 2021 Proxy Statement. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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. As a result, Nasdaq is raising its Market 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. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Legal Name Verafin Inc. Company Type For Profit. Blogs. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Quarterly results Annual reports SEC filings Financial strength rating Americas +1 212 318 2000. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Used by Microsoft Advertising as a unique ID for visitors. The acquisition of Verafin is also expected to Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Articles, Webinars, White Papers and more. Verafin is the 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 . Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. This cookie is to record user's consent for the cookies in the category "Functional". 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. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. well as future charges or reversals outside of the normal course of business. 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.
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