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. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data The cookie is a session cookie and is deleted when all the browser windows are closed. Report incorrect company information. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Verafins innovative anti-money laundering and fraud platform and client breadth. 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. 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. 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 7819, Media, Analysts and General Contact Sign up to receive the latest educational resources about today's financial 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. Verafins existing executive leadership team will continue to lead the company. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. 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. Up to teamwork, entrepreneurship, and a commitment to continued growth and development. 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 . 2023, Nasdaq, Inc. All Rights Reserved. Verafins research and development. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. In order to foster the next generation of talent in the province and help support Verafins growing Articles, Webinars, White Papers and more. But opting out of some of these cookies may have an effect on your browsing experience. 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. However you may visit Cookie Settings to provide a controlled consent. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Verafin Inc was founded in 2003. These cookies are used for advertising, site analytics, and other operational purposes. But opting out of some of these cookies may have an effect on your browsing experience. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This cookie is used to store the user consent for the cookies in the category "Analytics". Microsoft Clarity cookie. 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. Stores the Clarity User ID and preferences, unique to that site, on the browser. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Longview Communications& Public Affairs (Canada). This cookie is used to store the user consent for the cookies in the category "Necessary". This cookie is used to store the user consent for the cookies in the category "Necessary". Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Refer to the non-GAAP information section of this release for a This cookie is used to store the user consent for the cookies in the category "Necessary". Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. We also use third-party cookies that help us analyze and understand how you use this website. annual recurring revenue growth, or ARR1, within a US$13billion addressable Do Not Sell My Personal Information (CA Residents Only). 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. You can withdraw your consent at anytime. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. 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. Corporate and Investor Relations Contact Nasdaq 4Q21 Quarterly Update Verafin is the industry leader in Quarterly results Annual reports SEC filings Financial strength rating Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. This cookie is used to store the user consent for the cookies in the category "Performance". The forward-looking statements included in this communication are made only as of the date ARR for a given period is the annualized revenue of active contracts. To this end, Nasdaq alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. This cookie is to store the resource that was in user's last activity. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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 . SaaS companies. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. Get a D&B Hoovers Free Trial. It works only in coordination with the primary cookie. Nasdaqs investment will help Verafin expand its 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. This cookie is to record user's consent for the cookies in the category "Functional". . These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis to show you truly unusual activity with a single alert, saving you time and providing you with the information you need to decide how to proceed. Breaking down Nasdaq's US$2.75-billion deal for Newfoundland tech We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. This communication contains forward-looking information related to Nasdaq,Verafinand the acquisition ofVerafinby Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Verafin: Financial Crime Management Solutions for Financial Institutions Verafin Cookie. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. Operating Status Active. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Type a symbol or company name. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. Used by Microsoft Advertising as a unique ID for visitors. More than 9 companies reportedly use Verafin products in their tech and software stacks, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, Verafin headquarters are located in 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada, Verafins main industries are: Financial Software, Software, Verafin appears in search results as Verafin, Verafin Inc, Verafi Inc, International Organization for Standardization, Web Hypertext Application Technology Working Group. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 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. 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 and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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.. These cookies are used for advertising, site analytics, and other operational purposes. This cookie is used to store user's information to prepopulate the forms and track user's site usage. hub. The pattern element in the name contains the unique identity number of the account or website it relates to. This website uses cookies to improve your experience while you navigate through the website. operate, and combatting financial crime is central to achieving our goals. Copyright 2019, Verafin Solutions ULC All rights reserved. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. industry. This cookie is used by Leadlander. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. return on invested capital, and IRR objectives. Software Updates. 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. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Phone Number 877.368.9986. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. To track previous page view id and url. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; this transaction. Nasdaq Completes Acquisition of Verafin | Nasdaq Manage Products and Account Information. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Founders Brendan Brothers, Jamie King, Raymond Pretty. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Contact Email info@verafin.com. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. 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. 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. 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Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. scalable, subscription revenue.. You also have the option to opt-out of these cookies. 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. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Financials | Markel Corp. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. . LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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 pattern element in the name contains the unique identity number of the account or website it relates to. Verafin Cookie. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. industry. It works only in coordination with the primary cookie. This cookie is used to store the referral link when a user initially discovers on Verafins website. Here's a list of some of the top trending technologies and APIs used by Verafin. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers 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. 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 LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. 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. 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 LinkedIn sets this cookie to remember a user's language setting. Get a D&B Hoovers Free Trial. The cookie is used to store if a user has or has not consented to the use of cookies. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Verafin | Nasdaq This cookie is used to store the user consent for the cookies in the category "Performance". Additionally, we are committed to Documents from Prior Periods. READ MORE Nov 25, 2022. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. 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. These cookies will be stored in your browser only with your consent. Investors should not rely on any single financial measure when evaluating these businesses. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. Verafin expects to deliver in excess of US$140 million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. This press release includes certain non-GAAP financial This cookie is used to store the user consent for the cookies in the category "Performance". At the time, Verafin CEO Jamie King. + Go To Resource 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. 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. Records the default button state of the corresponding category & the status of CCPA. Verafin Financial Crime Management Jack Henry. Sign up to receive the latest educational resources about today's financial 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. 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. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. 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. investment grade ratings. LinkedIn sets this cookie to store performed actions on the website.