Sales bookings and deal size at the company each grew by. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. This website uses cookies to improve your experience while you navigate through the website. 2023, Nasdaq, Inc. All Rights Reserved. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. measures, including organic revenue growth, non-GAAP EBITDA and ROIC. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. hub. 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 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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 . We also use third-party cookies that help us analyze and understand how you use this website. EMEA +44 20 7330 7500. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. The agreement to acquire Verafin was announced on November 19, 2020. We also use third-party cookies that help us analyze and understand how you use this website. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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. The cookie is used to store if a user has or has not consented to the use of cookies. 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. privacy. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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 Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the This combination meaningfully accelerates the evolution of our business mix toward highly 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; Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating and infrastructure provider. 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). Articles, Webinars, White Papers and more. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Investors should not rely on any single financial measure when evaluating these businesses. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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 pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75billion in cash, subject to customary adjustments. 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. Investors should not rely on any single financial measure when evaluating these businesses. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, Necessary cookies are absolutely essential for the website to function properly. 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; 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. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Used by Microsoft Advertising as a unique ID for visitors. LinkedIn sets the lidc cookie to facilitate data center selection. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Spectrum Equity, Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. LinkedIn sets this cookie for LinkedIn Ads ID syncing. ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. 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. Verafin respects your The cookie stores information anonymously and assigns a randomly generated number to recognize unique . 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 Nasdaq intends to pursue its C$100 million in annual recurring . documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Bing Ads sets this cookie to engage with a user that has previously visited the website. Tel. Additionally, we are committed to It works only in coordination with the primary cookie. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. The cookie is used to store if a user has or has not consented to the use of cookies. This cookie is to store the resource that was in user's last activity. Nasdaqs clear commitments to the Province will help foster prosperity Verafin has enjoyed tremendous growth in recent years, and its long-term vision of fighting financial crime through collaboration and cross-institutional analysis is fast becoming the industry standard for fraud detection and anti-money laundering (AML) regulatory compliance. 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. 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. 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 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. The transaction is subject to regulatory approvals and other customary closing conditions. } Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Here's a list of some of the top trending technologies and APIs used by Verafin. Investigator for anti-money laundering (AML). discussion of this and other non-GAAP measures. A prior IVP fund provided initial venture capital financing for Verafin in 2009, and a prior Spectrum Equity fund led a substantial growth equity financing in 2014. expectations with respect to Verafins business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. for Masters and PhD students. 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. The agreement will combine Our diverse offering of data, analytics, software and 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. To track previous page view id and url. At the time, Verafin CEO Jamie King. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Verafin is a company that provides financial crime management solutions. Osler, Hoskin& Harcourt LLP acted as 1.866.781.8433. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. St. John's, NL A1A 0L9. 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. 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 press release includes certain non-GAAP financial Verafin Cookie. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. To identify unique web browsers visiting Microsoft sites. 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. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). These measures are not in accordance with, or an alternative to, U.S. GAAP, and Records the default button state of the corresponding category & the status of CCPA. 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. The forward-looking statements included in this communication are made only as of the date hereof. This cookie is to record user's consent for the cookies in the category "Functional". 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. Verafin raised a total of $422.2 M in funding over 3 rounds. this transaction. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial . Manage Products and Account Information. 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. Sign up to receive the latest educational resources about today's financial local employment levels to fuel Verafins growth. Microsoft Clarity cookie. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Copyright 2019, Verafin Solutions ULC All rights reserved. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. accounting write-down on deferred revenue is excluded in these measures. annual recurring revenue growth, or ARR1, within a US$13billion addressable Necessary cookies are absolutely essential for the website to function properly. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and LinkedIn sets this cookie for LinkedIn Ads ID syncing. These cookies will be stored in your browser only with your consent. Stores the Clarity User ID and preferences, unique to that site, on the browser. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Verafins existing executive leadership team will continue to lead the company. Used by Microsoft Advertising as a unique ID for visitors. Americas +1 212 318 2000. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Articles, Webinars, White Papers and more. 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. return on invested capital, and IRR objectives. market. comparative measure. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. This cookie is used to store the user consent for the cookies in the category "Necessary". A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures Operating Status Active. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Microsoft Clarity cookie. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. 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 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. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Asia Pacific +65 6212 1000. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Read our 2022Proxy Statement and Form 10-K. 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 _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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Bing Ads sets this cookie to engage with a user that has previously visited the website. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Great journalism delivered straight to your inbox. 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. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Represents revenues less transaction-based expenses. LinkedIn sets this cookie to remember a user's language setting. Analytical cookies are used to understand how visitors interact with the website. 7819, Media, Analysts and General Contact To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. This cookie is used by Leadlander. This cookie is to record user's consent for the cookies in the category "Functional". Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Founders Brendan Brothers, Jamie King, Raymond Pretty. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance However you may visit Cookie Settings to provide a controlled consent. You also have the option to opt-out of these cookies. Records the default button state of the corresponding category & the status of CCPA. hereof. Report incorrect company information. The pattern element in the name contains the unique identity number of the account or website it relates to. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds.