The cookie is used to store if a user has or has not consented to the use of cookies. It works only in coordination with the primary cookie. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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 ET, Nasdaq will host a webcast presentation to discuss the transaction. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance Verafin Cookie. Investors should not rely on any single financial measure when evaluating these businesses. However you may visit Cookie Settings to provide a controlled consent. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. 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. 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. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Report incorrect company information. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. 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. 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. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. These cookies ensure basic functionalities and security features of the website, anonymously. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. LinkedIn sets the lidc cookie to facilitate data center selection. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. 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. 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. credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaqs and Analytical cookies are used to understand how visitors interact with the website. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. Verafin is a company that provides financial crime management solutions. will, believes, expected, projected 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. LinkedIn sets this cookie to remember a user's language setting. These cookies track visitors across websites and collect information to provide customized ads. This documentary-style series follows investigative journalists as they uncover the truth. 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. 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. This cookie is to store the resource that was in user's last activity. Verafin respects your To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Sign up to receive the latest educational resources about today's financial Connect with us on Social or feel free to contact us with any inquiries. 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. See the bigger picture with reporters and industry experts in subscriber-exclusive events. LinkedIn sets this cookie to store performed actions on the website. privacy. Great journalism delivered straight to your inbox. 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. Copy and paste multiple symbols separated by spaces. making it more difficult to maintain business and operational relationships; risks related to diverting managements attention from Nasdaqs ongoing business operations; the negative effects of the announcement or the consummation of the 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. This cookie is used by Leadlander. Necessary cookies are absolutely essential for the website to function properly. But opting out of some of these cookies may have an effect on your browsing experience. This cookie is used to store the user consent for the cookies in the category "Performance". US$2 trillion in laundered money flows through the financial system annually according to the United Nations, and criminals continue to find sophisticated methods for moving funds undetected. Configurable Dashboards Manage and transform your information into key business insights. Get a D&B Hoovers Free Trial. This cookie is used to store the user consent for the cookies in the category "Analytics". 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. With Security in the Verafin Cloud The Verafin Cloud is a secure infrastructure for data storage and analysis, which provides convenient, on-demand access to the Verafin Verafins secure cloud infrastructure enables technology advancements,superior customer service and application enhancements. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. 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 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. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that Valuable research and technology reports. You can withdraw your consent at anytime. Last Funding Type Private Equity. The agreement will combine authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Microsoft Clarity cookie. 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). 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. Verafins results will be reported within Nasdaqs Market Technology segment. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. services enables clients to optimize and execute their business vision with confidence. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. This press release includes certain non-GAAP financial Contact Email info@verafin.com. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. LinkedIn sets this cookie to store performed actions on the website. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. 1.866.781.8433. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those 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 2023, Nasdaq, Inc. All Rights Reserved. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Type a symbol or company name. 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. 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; 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 measures, including organic revenue growth, non-GAAP EBITDA and ROIC. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase As a result, Nasdaq is raising its Market We also use third-party cookies that help us analyze and understand how you use this website. 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 Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. Represents one of the largest ever growth financings of a Canadian software business, Funding will accelerate Verafins product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Quarterly results Annual reports SEC filings Financial strength rating Corporate and Investor Relations Contact Our diverse offering of data, analytics, software and Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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 cookie is used to store the user consent for the cookies in the category "Analytics". The pattern element in the name contains the unique identity number of the account or website it relates to. 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. Records the default button state of the corresponding category & the status of CCPA. The equity and debt financing follows a period of sustained and rapid growth at Verafin. well as future charges or reversals outside of the normal course of business. 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.. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. Records the default button state of the corresponding category & the status of CCPA. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Canada. }); 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. On Thursday, November19, 2020 at 8:00 a.m. supporting innovation and growth in St. Johns and Newfoundland and Labrador. It is expected to close in the first quarter of 2021. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. Please refer to our, 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. Excludes the impact of purchase accounting write-down on deferred revenue. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Links to the webcast and accompanying 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. Phone Number 877.368.9986. The cookie is used to analyse the website's visitors and monitor traffic patterns. The forward-looking statements included in this communication are made only as of the date accounting write-down on deferred revenue is excluded in these measures. LinkedIn sets this cookie to store performed actions on the website. Additional financial terms were not disclosed. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics We also use third-party cookies that help us analyze and understand how you use this website. This website uses cookies to improve your experience while you navigate through the website. Nov 25, 2022. You also have the option to opt-out of these cookies. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. This cookie is used to store the user consent for the cookies in the category "Other". 7819, Media, Analysts and General Contact Represents revenues less transaction-based expenses. Verafin respects your In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. Necessary cookies are absolutely essential for the website to function properly. Investigator for anti-money laundering (AML). 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. Verafin Cookie. 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. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment 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. industry. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. operate, and combatting financial crime is central to achieving our goals. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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 by Leadlander. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. "Bloomberg Opinion" columnists offer their opinions on issues in the news. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. When used in this communication, words such as intends, plans, return on invested capital, and IRR objectives. comparative measure. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. $=jQuery; 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.. 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. 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. You also have the option to opt-out of these cookies. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Labrador and an economic leader in St. Johns. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. relationships, operating results, and business generally. Do Not Sell My Personal Information (CA Residents Only). the last three years. and infrastructure provider. Visit www.verafin.com, email info@verafin.com or call 866.781.8433.