Learn More About CTRs > Learn More About SARs > Integrated Case Management. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. supporting innovation and growth in St. Johns and Newfoundland and Labrador. Excludes the impact of purchase accounting write-down on deferred revenue. Bing Ads sets this cookie to engage with a user that has previously visited the website. Nasdaqs clear commitments to the Province will help foster prosperity We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. Longview Communications& Public Affairs (Canada). By clicking Accept, you consent to the use of ALL the cookies. Annual Report on Verafin Usa's Revenue, Growth, SWOT Analysis privacy. These cookies are used for advertising, site analytics, and other operational purposes. Copyright 2019, Verafin Solutions ULC All rights reserved. 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. 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Verafin | Nasdaq The Logic 2023 The Logic Inc. All Rights Reserved. This cookie is used to store the user consent for the cookies in the category "Performance". SaaS companies. Here's a list of some of the top trending technologies and APIs used by Verafin. if(!$('#wpaloginform #user_email_username').val()) { 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. . READ MORE 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 will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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 The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Articles, Webinars, White Papers and more. 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. the last three years. Configurable Dashboards Manage and transform your information into key business insights. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Nasdaq Completes Acquisition of Verafin | Nasdaq Osler, Hoskin& Harcourt LLP acted as This cookie is to store the resource that was in user's last activity. Investors should not rely on any single financial measure when evaluating these businesses. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. 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. industry. Verafins research and development. The acquisition strengthens Nasdaqs Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. } For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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 Cookie. "Bloomberg Opinion" columnists offer their opinions on issues in the news. Quarterly results Annual reports SEC filings Letters to shareholders Financial strength rating Financials Letters to shareholders Read the latest message from Markel's co-chief executive officers to our business partners. These cookies will be stored in your browser only with your consent. 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. EMEA +44 20 7330 7500. The forward-looking statements included in this communication are made only as of the date hereof. 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 . Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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. However you may visit Cookie Settings to provide a controlled consent. This cookie is used to store user's information to prepopulate the forms and track user's site usage. industry. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. services enables clients to optimize and execute their business vision with confidence. This website uses cookies to improve your experience while you navigate through the website. When used in this communication, words such as intends, plans, The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. session and campaign data and also keeps track of site usage for the site's analytics report. 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. 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. investment grade ratings. Create your Watchlist to save your favorite quotes on Nasdaq.com. Verafin's quiet, huge success: Canada's largest venture funding deal scalable, subscription revenue.. Verafin Inc - Company Profile and News - Bloomberg Markets 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. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 2023, Nasdaq, Inc. All Rights Reserved. This cookie is used to store the user consent for the cookies in the category "Analytics". The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or LinkedIn sets this cookie to store performed actions on the website. Verafin respects your These cookies will be stored in your browser only with your consent. Additionally, we are committed to industry. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Necessary cookies are absolutely essential for the website to function properly. It works only in coordination with the primary cookie. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Contact Email info@verafin.com. 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Verafins innovative anti-money laundering and fraud platform and client breadth. Corporate and Investor Relations Contact 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. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. The Verafin deal was announced almost 10 years to the day after Danny Williams called everyone into a St. John's hotel room to unveil the Muskrat Falls megaproject. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. This cookie is to store the resource that was in user's last activity. transaction with a combination of US$2.5billion of debt and cash on hand and expects debt / non-GAAP EBITDA leverage to be approximately 3.9x pro forma for the transaction. The cookie is a session cookie and is deleted when all the browser windows are closed. The transaction is subject to regulatory approvals and other customary closing conditions. 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 teamwork, entrepreneurship, and a commitment to continued growth and development. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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. items. 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. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. Verafin Inc Company Profile | St. John's, NL, Canada | Competitors This cookie is used to store the user consent for the cookies in the category "Performance". 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. 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. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . 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.. 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 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. 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight This cookie is used to store the user consent for the cookies in the category "Performance". These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Quarterly results Annual reports SEC filings Financial strength rating local employment levels to fuel Verafins growth. 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a this transaction. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. 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. Records the default button state of the corresponding category & the status of CCPA. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. LinkedIn sets the lidc cookie to facilitate data center selection. Nov 25, 2022. 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 . St. John's, NL A1A 0L9. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. Nasdaqs ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other Represents non-GAAP EBITDA margin percentage plus annual growth rate. 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 cookie is used to store the user consent for the cookies in the category "Analytics". Sign up to receive the latest educational resources about today's financial 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. Verafin is a company that provides financial crime management solutions. 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. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. Great journalism delivered straight to your inbox. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. accounting write-down on deferred revenue is excluded in these measures. Documents from Prior Periods. 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. 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. The equity and debt financing follows a period of sustained and rapid growth at Verafin. What will they do with all the cash? This cookie is used to store the referral link when a user initially discovers on Verafins website. Articles, Webinars, White Papers and more. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Phone Number 877.368.9986. Verafin raised a total of $422.2 M in funding over 3 rounds. 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. Stores the Clarity User ID and preferences, unique to that site, on the browser. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. 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. Type a symbol or company name. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Fact Sheet Archives - Verafin More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Verafin Completes C$515 Million Equity and Debt Recapitalization Nasdaq believes that thesenon-GAAPmeasures provide useful information to management and investors regarding certain financial and business trends relating to Nasdaqs financial condition and results of operations. The pattern element in the name contains the unique identity number of the account or website it relates to. Breaking down Nasdaq's US$2.75-billion deal for Newfoundland tech Verafins managements use certain of these non-GAAP measures to compare Nasdaqs and Verafins performance to that of prior periods for trend analyses and for budgeting and planning purposes. Operating Status Active. Verafin respects your To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Subscribe now to start reading premium, award-winning journalism. Interagency statement clarifies model validation expectations But opting out of some of these cookies may have an effect on your browsing experience. 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. VERAFIN - Massachusetts Bankers Association Home This cookie is used by Leadlander. Necessary cookies are absolutely essential for the website to function properly. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Used by Microsoft Advertising as a unique ID for visitors. This SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of November 18, 2020, is made by and among Nasdaq, Inc., a Delaware corporation ("Parent"), Osprey Acquisition Corporation, a corporation existing under the CBCA and a wholly owned subsidiary of Parent ("Buyer" and collectively with Parent, "Buyer Parties"), Verafin Holdings Inc., a corporation existing under the CBCA . 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. To connect multiple page views by a user into a single Clarity session recording. Verafin is funded by 10 investors. Nasdaq intends to pursue its The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. www.sec.gov. You also have the option to opt-out of these cookies. 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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.. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. annual recurring revenue growth, or ARR1, within a US$13billion addressable The acquisition of Verafin is also expected to Nasdaq 4Q21 Quarterly Update The forward-looking statements included in this communication are made only as of the date hereof.