Verafin's. Additional financial terms were not disclosed. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. This website uses cookies to improve your experience while you navigate through the website. The cookie is used to store if a user has or has not consented to the use of cookies. But opting out of some of these cookies may have an effect on your browsing experience. 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. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. To this end, Nasdaq Nasdaqs and teamwork, entrepreneurship, and a commitment to continued growth and development. 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. This cookie is used to store the user consent for the cookies in the category "Other". These cookies will be stored in your browser only with your consent. . position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. These symbols will be available throughout the site during your session. This cookie is used to store the user consent for the cookies in the category "Analytics". Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry This cookie is to store the resource that was in user's last activity. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Copyright 2019, Verafin Solutions ULC All rights reserved. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. These cookies are used for advertising, site analytics, and other operational purposes. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These cookies are used for advertising, site analytics, and other operational purposes. 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 These symbols will be available throughout the site during your session. The Logic 2023 The Logic Inc. All Rights Reserved. You can withdraw your consent at any time. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. The 2021 interagency guidance also listed what is not considered a model, such as standalone systems that flag singular transactions over certain dollar thresholds (such as wire transfers or cash activity). Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. We also use third-party cookies that help us analyze and understand how you use this website. Microsoft Clarity cookie. Annual Report on Verafin Usa's Revenue, Growth, SWOT Analysis Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Verafin has industry endorsements in 47 states, including the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and Credit Union National Association Strategic Services. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive Excludes the impact of purchase accounting write-down on deferred revenue. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Configurable Dashboards Manage and transform your information into key business insights. These cookies track visitors across websites and collect information to provide customized ads. 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 Verafin respects your It works only in coordination with the primary cookie. LinkedIn sets this cookie to store performed actions on the website. To track previous page view id and url. St. John's, NL A1A 0L9. local employment levels to fuel Verafins growth. Form 10-K | Investor.gov 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. LinkedIn sets the lidc cookie to facilitate data center selection. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. relationships, operating results, and business generally. Verafin Inc. Website. This press release includes certain non-GAAP financial You also have the option to opt-out of these cookies. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Type a symbol or company name. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. 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. Verafins existing executive leadership team will continue to lead the company. C$100 million in annual recurring . To identify unique web browsers visiting Microsoft sites. 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. Longview Communications& Public Affairs (Canada). The cookie is a session cookie and is deleted when all the browser windows are closed. 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 Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. 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. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Refer to the non-GAAP information section of this release for a It works only in coordination with the primary cookie. This cookie is used to store the user consent for the cookies in the category "Necessary". William Blair& Company acted as financial advisor to Verafin in connection with the transaction. Analytical cookies are used to understand how visitors interact with the website. This cookie is to store the resource that was in user's last activity. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy the last three years. As potential liability shifts loom with possible implications for wire payments, As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer Fraudsters are uncompromising, often targeting seniors with cruel elder financial abuse tactics from romance and investment scams. 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; Verafin has raised a total of $454M in funding over 5 rounds. We also use third-party cookies that help us analyze and understand how you use this website. in place and continue to lead the companys growth. Bing Ads sets this cookie to engage with a user that has previously visited the website. LinkedIn sets this cookie to remember a user's language setting. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. The forward-looking statements included in this communication are made only as of the date 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 cookie is a session cookie and is deleted when all the browser windows are closed. LinkedIn sets this cookie for LinkedIn Ads ID syncing. may be different from non-GAAP measures used by other companies. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. On Thursday, November19, 2020 at 8:00 a.m. 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. Spectrum Equity, largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. with U.S. GAAP. 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. Connect with us on Social or feel free to contact us with any inquiries. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Founders Brendan Brothers, Jamie King, Raymond Pretty. Financial institutions face significant challenges in detecting and preventing financial crime, and therefore invest significant capital and resources in combatting an ever-increasing threat to the integrity of the global financial system. 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. Over 2,000 banks and 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Nasdaq 4Q21 Quarterly Update In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. The pattern element in the name contains the unique identity number of the account or website it relates to. 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. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. By clicking Accept, you consent to the use of ALL the cookies. Investors should not rely on any single financial measure when evaluating these businesses. 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. These cookies will be stored in your browser only with your consent. The agreement will combine Verafin Inc Company Profile | St. John's, NL, Canada | Competitors LinkedIn sets this cookie to remember a user's language setting. 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. 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. 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. This cookie is to record user's consent for the cookies in the category "Functional". The pattern element in the name contains the unique identity number of the account or website it relates to. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Compare how recession-proof Verafin Usa is relative to the industry overall. will increase Verafins level of charitable giving as the company continues to grow. Verafin Cookie. Here's a list of some of the top trending technologies and APIs used by Verafin. Up to 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 test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. These cookies ensure basic functionalities and security features of the website, anonymously. These cookies are used for advertising, site analytics, and other operational purposes. 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 Blogs. This cookie is to record user's consent for the cookies in the category "Functional". Create your Watchlist to save your favorite quotes on Nasdaq.com. Our diverse offering of data, analytics, software and The agreement to acquire Verafin was announced on November 19, 2020. Financials | Markel Corp. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. privacy. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. Nasdaqs clear commitments to the Province will help foster prosperity 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. Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. Osler, Hoskin& Harcourt LLP acted as What industry is the company in? Valuable research and technology reports. 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. Nasdaq intends to finance the Get a D&B Hoovers Free Trial. investment grade ratings. 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.. Additionally, we are committed to return on invested capital, and IRR objectives. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. 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. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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 discussion of this and other non-GAAP measures. Sales bookings and deal size at the company each grew by. Phone Number 877.368.9986. Analytical cookies are used to understand how visitors interact with the website. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight 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. Quarterly results Annual reports SEC filings Financial strength rating Quarterly Cloud . Used by Microsoft Advertising as a unique ID for visitors. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Verafins innovative anti-money laundering and fraud platform and client breadth. What will they do with all the cash? LinkedIn sets this cookie to remember a user's language setting. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. This documentary-style series follows investigative journalists as they uncover the truth. It works only in coordination with the primary cookie. 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 transaction is subject to regulatory approvals and other customary closing conditions. This cookie is used by Leadlander. Last Funding Type Private Equity. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Forward-looking statements Legal Name Verafin Inc. Company Type For Profit. Stores the Clarity User ID and preferences, unique to that site, on the browser. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. LinkedIn sets the lidc cookie to facilitate data center selection. LinkedIn sets this cookie for LinkedIn Ads ID syncing. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. This cookie is used by Leadlander. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial $=jQuery; By clicking Accept, you consent to the use of ALL the cookies. 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. 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. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. Links to the webcast and accompanying When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. To connect multiple page views by a user into a single Clarity session recording. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Verafin | Nasdaq More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Verafin's quiet, huge success: Canada's largest venture funding deal