This website uses cookies to improve your experience while you navigate through the website. Labrador and an economic leader in St. Johns. It works only in coordination with the primary cookie. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. You can withdraw your consent at anytime. Copy and paste multiple symbols separated by spaces. 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. 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. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. The transaction accelerates Nasdaq's ongoing . 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 Type a symbol or company name. . These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Verafins comprehensive suite of anti-financial crime management products with Nasdaqs reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that What will they do with all the cash? 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. At the time, Verafin CEO Jamie King. Please refer to our, The proposed deal comes just over a year after Verafin clocked the biggest venture funding round in Canadian history: a $515-million equity and debt recapitalization deal to help build out its product innovation and land bigger clients in the banking sector. Necessary cookies are absolutely essential for the website to function properly. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. Software Updates. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Links to the webcast and accompanying To track previous page view id and url. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. Nasdaqs global reach combined with Verafins powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. We also use third-party cookies that help us analyze and understand how you use this website. 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. proposed transaction on the market price of Nasdaqs common stock or on Nasdaqs operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; 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. Do Not Sell My Personal Information (CA Residents Only). Corporate and Investor Relations Contact Verafin Company Profile - Office Locations, Competitors, Financials Form 10-K | Investor.gov Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase 2023, Nasdaq, Inc. All Rights Reserved. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 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 cookie is used by Leadlander. 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,. The acquisition strengthens Nasdaqs the last three years. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin has grown at a compound annual revenue growth rate of approximately 30% over 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 Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin - Crunchbase Company Profile & Funding The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. These symbols will be available throughout the site during your session. Records the default button state of the corresponding category & the status of CCPA. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. Nasdaq intends to finance the This cookie is used to record the user consent for the cookies in the "Advertisement" category. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. Necessary cookies are absolutely essential for the website to function properly. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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 used to record the user consent for the cookies in the "Advertisement" category. A reconciliation ofnon-GAAPforward looking information to their corresponding GAAP measures 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 well as future charges or reversals outside of the normal course of business. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. Nasdaqs investment will help Verafin expand its Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. St. John's, NL A1A 0L9. 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. Additional financial terms were not disclosed. This cookie is to store the resource that was in user's last activity. Configurable Dashboards Manage and transform your information into key business insights. This cookie is used to store the user consent for the cookies in the category "Performance". 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. It works only in coordination with the primary cookie. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in What industry is the company in? The cookie is used to store if a user has or has not consented to the use of cookies. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. Bing Ads sets this cookie to engage with a user that has previously visited the website. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. The forward-looking statements included in this communication are made only as of the date hereof. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. extraordinary growth and stellar client retention. leading trade and market surveillance solution, will empower Nasdaq to play an increasingly important role in building stronger economies around the world, said Adena Friedman, President Articles, Webinars, White Papers and more. 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. Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin Financial Crime Management Jack Henry. Used by Microsoft Advertising as a unique ID for visitors. Sign up to receive the latest educational resources about today's financial The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Phone Number 877.368.9986. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. These cookies ensure basic functionalities and security features of the website, anonymously. Connect with us on Social or feel free to contact us with any inquiries. Nov 25, 2022. Sachs& Co. LLC, Morgan Stanley and TD Securities. 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 agreement will combine Asia Pacific +65 6212 1000. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 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. 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 . scalable, subscription revenue.. Blogs. LinkedIn sets the lidc cookie to facilitate data center selection. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. The cookie is used to analyse the website's visitors and monitor traffic patterns. Stores the Clarity User ID and preferences, unique to that site, on the browser. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. This cookie is used to store the user consent for the cookies in the category "Performance". We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Nasdaq intends to pursue its We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment To identify unique web browsers visiting Microsoft sites. Create your Watchlist to save your favorite quotes on Nasdaq.com. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. These cookies ensure basic functionalities and security features of the website, anonymously. Subscribe now to start reading premium, award-winning journalism. Last Funding Type Private Equity. This cookie is to store the resource that was in user's last activity. existing capital deployment plan, including dividend payments and share repurchases, consistent with past practice, and expects to de-lever over time to return to a leverage ratio consistent with its current Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Verafin is the industry leader in To this end, Nasdaq 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 accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. }); 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. hub. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Copy and paste multiple symbols separated by spaces. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Valuable research and technology reports. This cookie is to record user's consent for the cookies in the category "Functional". LinkedIn sets this cookie to store performed actions on the website. 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 relationships, operating results, and business generally. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Verafins legal advisor. LinkedIn sets the lidc cookie to facilitate data center selection. 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. 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. 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 cookie is used to store if a user has or has not consented to the use of cookies. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. . will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. services enables clients to optimize and execute their business vision with confidence. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. But opting out of some of these cookies may have an effect on your browsing experience. This cookie is to record user's consent for the cookies in the category "Functional". 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. SaaS companies. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. 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. 2023, Nasdaq, Inc. All Rights Reserved. The agreement to acquire Verafin was announced on November 19, 2020. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. At the core of Nasdaqs mission, we champion fairness and integrity in the markets that we build and in the broader financial ecosystem in which we 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. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. However you may visit Cookie Settings to provide a controlled consent. 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.. items. 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. 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. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. This cookie is used to store user's information to prepopulate the forms and track user's site usage. This cookie is used to store the user consent for the cookies in the category "Analytics". 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. 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. Who is Verafin? This cookie is used to store user's information to prepopulate the forms and track user's site usage. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. privacy. leader in financial technology, is a major vote of confidence and a significant win for the Province of Newfoundland and Labradors technology and innovation sector. teamwork, entrepreneurship, and a commitment to continued growth and development. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Verafin Company Profile | Management and Employees List - Datanyze Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. 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. 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. 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. Verafin's. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. 2023, Nasdaq, Inc. All Rights Reserved.