a leading growth equity investor based in Boston and San Francisco, and Information Venture Partners, a leading FinTech-focused venture capital firm based in Toronto, both significant investors in Verafin, have agreed to sell their stake as part of Sales bookings and deal size at the company each grew by. 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 is committed to growing Verafins business and creating opportunities for their employees. Labrador and an economic leader in St. Johns. 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Nasdaq is now updating its outlook for the organic growth in non-GAAP operating expenses over the medium-term to 3-6% up from the 2-4% amount previously announced, reflecting the strong growth expectations of Verafin and our combined anti-financial crime technology offering. Investors should not rely on any single financial measure when evaluating these businesses. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. 2021 Proxy Statement. However you may visit Cookie Settings to provide a controlled consent. Necessary cookies are absolutely essential for the website to function properly. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . 2023, Nasdaq, Inc. All Rights Reserved. comparative measure. At Nasdaq, we believe that fair, secure and transparent markets are vital to creating strong economies that move the world forward, said Adena Friedman, President and Chief Executive Officer, Nasdaq. But opting out of some of these cookies may have an effect on your browsing experience. if(!$('#wpaloginform #user_email_username').val()) { alert("Please enter your email address"); Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. Analytical cookies are used to understand how visitors interact with the website. At the time, Verafin CEO Jamie King. Blogs. This cookie is used to store user's information to prepopulate the forms and track user's site usage. See the bigger picture with reporters and industry experts in subscriber-exclusive events. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); Up to Copyright 2019, Verafin Solutions ULC All rights reserved. 7819, Media, Analysts and General Contact 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Nasdaq includes acquisitions in its organic growth calculations after they have been part of Nasdaq for 12 months, and as such, Verafins impacts on organic revenue and non-GAAP expense growth will begin in the first quarter of 2022. New equity financing was provided by Spectrum Equitys current investing fund and Information Venture Partners (IVP) new fund with participation by new backers Northleaf Capital Partners, BDC Capital and Teralys Capital. Valuable research and technology reports. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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 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. In order to foster the next generation of talent in the province and help support Verafins growing 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. This cookie is used to store the user consent for the cookies in the category "Performance". At the time, we were talking. . To connect multiple page views by a user into a single Clarity session recording. Verafin is the industry leader in Documents from Prior Periods. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. LinkedIn sets this cookie to store performed actions on the website. Verafins research and development. C$100 million in annual recurring . 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 . Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. We also use third-party cookies that help us analyze and understand how you use this website. }); 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. 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. The agreement to acquire Verafin was announced on November 19, 2020. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. These cookies track visitors across websites and collect information to provide customized ads. This cookie is used to store the user consent for the cookies in the category "Analytics". Osler, Hoskin& Harcourt LLP acted as During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. Configurable Dashboards Manage and transform your information into key business insights. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys This cookie is used by Leadlander. 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 . To connect multiple page views by a user into a single Clarity session recording. As potential liability shifts loom with possible implications for wire payments, As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer Fraudsters are uncompromising, often targeting seniors with cruel elder financial abuse tactics from romance and investment scams. Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. But opting out of some of these cookies may have an effect on your browsing experience. This cookie is used to record the user consent for the cookies in the "Advertisement" category. This financing round with our long-term partners Spectrum Equity and IVP allows Verafin to accelerate our investments in product innovation and customer success, and continue our progress in market penetration of larger financial institutions, said Jamie King, CEO of Verafin. To identify unique web browsers visiting Microsoft sites. 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.. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the 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. 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. It works only in coordination with the primary cookie. 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. 1.866.781.8433. demands innovative action. To connect multiple page views by a user into a single Clarity session recording. Copyright 2019, Verafin Solutions ULC All rights reserved. Ottawas heart institute promises to return US$250,000 grant from bankrupt FTX empire, New federal innovation organization will levy penalties on publicly subsidized IP leaving country, Enthusiast Gaming accuses former executive of calculated coup against CEO, U.S.-based startup with plans to store carbon in deep oceans skips Canada for Iceland. These symbols will be available throughout the site during your session. 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 Learn More About CTRs > Learn More About SARs > Integrated Case Management. The agreement to acquire Verafin was announced on November 19, 2020. 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. Phone Number 877.368.9986. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. Verafin's. operate, and combatting financial crime is central to achieving our goals. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. However you may visit Cookie Settings to provide a controlled consent. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. These measures are not in accordance with, or an alternative to, U.S. GAAP, and This cookie is used to record the user consent for the cookies in the "Advertisement" category. credit unions use Verafin to effectively fight financial crime and comply with regulations. To identify unique web browsers visiting Microsoft sites. Records the default button state of the corresponding category & the status of CCPA. 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Verafins existing executive leadership team will continue to lead the company. What will they do with all the cash? Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Records the default button state of the corresponding category & the status of CCPA. reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at Our diverse offering of data, analytics, software and Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, 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. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Verafin respects your This cookie is used to store the referral link when a user initially discovers on Verafins website. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Nasdaq intends to finance the 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. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. These cookies will be stored in your browser only with your consent. Who is Verafin? Forward-looking statements NEW YORK and ST. JOHNS, 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. 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. These symbols will be available throughout the site during your session. 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. These cookies are used for advertising, site analytics, and other operational purposes. 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. This cookie is used to store the user consent for the cookies in the category "Analytics". This website uses cookies to improve your experience while you navigate through the website. These cookies will be stored in your browser only with your consent. 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 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. Americas +1 212 318 2000. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 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,. Verafin respects your 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. this transaction. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Used by Microsoft Advertising as a unique ID for visitors. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or Stores the Clarity User ID and preferences, unique to that site, on the browser. Houlihan Lokey served as the financial advisor to Verafin. 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. The acquisition strengthens Nasdaqs This cookie is used to store the user consent for the cookies in the category "Performance". Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. St. John's, NL A1A 0L9. This documentary-style series follows investigative journalists as they uncover the truth. hub. supporting innovation and growth in St. Johns and Newfoundland and Labrador. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry $('#wpaloginform').submit(function( ) { 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. 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. 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. 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. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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 Industry trends & hot topics delivered to your inbox. scalable, subscription revenue.. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Report incorrect company information. for Masters and PhD students. However you may visit Cookie Settings to provide a controlled consent. industry. Analytical cookies are used to understand how visitors interact with the website. Verafins legal advisor. This cookie is used to store the user consent for the cookies in the category "Necessary". LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Spectrum Equity, 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). Automation and vendor solutions, a US$13billion Verafins existing executive leadership team will continue to lead the company. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. 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. 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. When used in this communication, words such as intends, plans, Operating Status Active. This cookie is used to store the user consent for the cookies in the category "Necessary". This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Using artificial intelligence Join industry-leading anti-financial crime experts as they reveal results of trend analysis of an immense set of anonymized data from financial institutions in the Verafin Verafin is the industrys leading Financial Crime Management platform, trusted by financial institutions using iCore360 core banking systems to strengthen compliance and combat evolving financial Industry trends & hot topics delivered to your inbox. $=jQuery; ARR does not have any standardized Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 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 . In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. industry. Bloomberg Anywhere Remote Login. Verafin is the exclusive provider forTexas Bankers Association, Western Bankers Association, Florida Bankers Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. This press release includes certain non-GAAP financial cannot be provided without unreasonable efforts due to the inherent difficulty in quantifying certain amounts due to a variety of factors, including the unpredictability in the movement in foreign currency rates, Nasdaqs effective tax rate as