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 These symbols will be available throughout the site during your session. Verafin's. 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. Tel. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Verafin is funded by 10 investors. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. Nasdaqs clear commitments to the Province will help foster prosperity To track previous page view id and url. 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. Microsoft Clarity cookie. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Great journalism delivered straight to your inbox. At the time, we were talking. 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. + Go To Resource Subscribe now to start reading premium, award-winning journalism. The transaction is expected to increase revenue contribution from the highest-growth Market Technology and Investment Intelligence segment to 47% (from 45%) of total Nasdaq net revenue2 pro forma for the third quarter of 2020. To connect multiple page views by a user into a single Clarity session recording. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. 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 hereof. These cookies track visitors across websites and collect information to provide customized ads. 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. services enables clients to optimize and execute their business vision with confidence. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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; These measures are not in accordance with, or an alternative to, U.S. GAAP, and LinkedIn sets the lidc cookie to facilitate data center selection. The acquisition of Verafin is also expected to 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 2023, Nasdaq, Inc. All Rights Reserved. LinkedIn sets this cookie to store performed actions on the website. 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. This cookie is used to store the user consent for the cookies in the category "Necessary". The transaction is subject to regulatory approvals and other customary closing conditions. 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. 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 2023, Nasdaq, Inc. All Rights Reserved. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. The pattern element in the name contains the unique identity number of the account or website it relates to. These cookies will be stored in your browser only with your consent. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Asia Pacific +65 6212 1000. 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.. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. 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. This cookie is used to store the user consent for the cookies in the category "Necessary". The agreement will combine Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. return on invested capital, and IRR objectives. 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. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. These cookies ensure basic functionalities and security features of the website, anonymously. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. Nasdaqs investment will help Verafin expand its with U.S. GAAP. Verafin respects your Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Here's a list of some of the top trending technologies and APIs used by Verafin. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. When used in this communication, words such as intends, plans, This cookie is used to store user's information to prepopulate the forms and track user's site usage. for Masters and PhD students. The cookie is used to store if a user has or has not consented to the use of cookies. LinkedIn sets this cookie to store performed actions on the website. hub. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. 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. These cookies track visitors across websites and collect information to provide customized ads. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its 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. 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). In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. Canada. privacy. 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. market. 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. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain This cookie is used to store user's information to prepopulate the forms and track user's site usage. This cookie is used to record the user consent for the cookies in the "Advertisement" category. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating supporting innovation and growth in St. Johns and Newfoundland and Labrador. Labrador and an economic leader in St. Johns. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Learn More About CTRs > Learn More About SARs > Integrated Case Management. This cookie is used to store the user consent for the cookies in the category "Other". We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 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. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. You can withdraw your consent at anytime. READ MORE What will they do with all the cash? Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . 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. 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 The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. The forward-looking statements included in this communication are made only as of the date hereof. Articles, Webinars, White Papers and more. Investors should not rely on any single financial measure when evaluating these businesses. You also have the option to opt-out of these cookies. Blogs. Nasdaq intends to pursue its Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. 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. alert("Please enter your email address"); Copyright 2019, Verafin Solutions ULC All rights reserved. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. 2020 Annual Report. Used by Microsoft Advertising as a unique ID for visitors. $('#wpaloginform').submit(function( ) { Verafins research and development. 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 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. Report incorrect company information. 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. 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 NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry EMEA +44 20 7330 7500. Verafin Cookie. 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. Contact Email info@verafin.com. 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. ET, Nasdaq will host a webcast presentation to discuss the transaction. Articles, Webinars, White Papers and more. Nov 25, 2022. 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. Legal Name Verafin Inc. Company Type For Profit. 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. www.sec.gov. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. the last three years. } Records the default button state of the corresponding category & the status of CCPA. To identify unique web browsers visiting Microsoft sites. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Analytical cookies are used to understand how visitors interact with the website. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. This cookie is to record user's consent for the cookies in the category "Functional". 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. 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. Investors should not rely on any single financial measure when evaluating these businesses. For more information, visit http://www.informationvp.com. 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. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. $=jQuery; Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. To track previous page view id and url. Americas +1 212 318 2000. Do Not Sell My Personal Information (CA Residents Only). 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. These cookies are used for advertising, site analytics, and other operational purposes. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Verafin expects to deliver in excess of US$140 million 4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. Type a symbol or company name. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Excludes the impact of purchase accounting write-down on deferred revenue. Google cookie is for Conversion Linker functionality it takes information in ad clicks and stores it in a first-party cookie so that conversions can be attributed outside the landing page. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. This cookie is used to store the user consent for the cookies in the category "Performance". Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive if(!$('#wpaloginform #user_email_username').val()) { Microsoft Clarity cookie. These cookies track visitors across websites and collect information to provide customized ads. Additional financial terms were not disclosed. Get a D&B Hoovers Free Trial. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. C$100 million in annual recurring . The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Verafins results will be reported within Nasdaqs Market Technology segment. To this end, Nasdaq Verafin respects your 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. LinkedIn sets this cookie to remember a user's language setting. 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. 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 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. 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. teamwork, entrepreneurship, and a commitment to continued growth and development. 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 This website uses cookies to improve your experience while you navigate through the website. 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. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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.. Sign up to receive the latest educational resources about today's financial 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. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M This cookie is to store the resource that was in user's last activity. This documentary-style series follows investigative journalists as they uncover the truth. will increase Verafins level of charitable giving as the company continues to grow. . The cookie is used to analyse the website's visitors and monitor traffic patterns. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Who is Verafin? Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. 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 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. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? In order to foster the next generation of talent in the province and help support Verafins growing Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth This website uses cookies to improve your experience while you navigate through the website. 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 cookie is a session cookie and is deleted when all the browser windows are closed. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); . The equity and debt financing follows a period of sustained and rapid growth at Verafin. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. This cookie is to store the resource that was in user's last activity. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Create your Watchlist to save your favorite quotes on Nasdaq.com. The agreement to acquire Verafin was announced on November 19, 2020. Houlihan Lokey served as the financial advisor to Verafin. Forward-looking statements Represents revenues less transaction-based expenses. These cookies will be stored in your browser only with your consent. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 18 Hebron Way. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 1.866.781.8433. Verafins legal advisor. Oil-sands companies had a blockbuster earnings season. Verafin raised a total of $422.2 M in funding over 3 rounds.