Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Copyright 2019, Verafin Solutions ULC All rights reserved. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those This cookie is used to store the user consent for the cookies in the category "Other". Copy and paste multiple symbols separated by spaces. To connect multiple page views by a user into a single Clarity session recording. Analytical cookies are used to understand how visitors interact with the website. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. }); 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. LinkedIn sets this cookie to remember a user's language setting. 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. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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. Driving the market is an uptick . To track previous page view id and url. Longview Communications& Public Affairs (Canada). 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 Refer to the non-GAAP information section of this release for a As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. This cookie is used to store the user consent for the cookies in the category "Analytics". . Sales bookings and deal size at the company each grew by. You can withdraw your consent at any time. This financing round with our long-term partners Spectrum Equity and IVP allows Verafin to accelerate our investments in product innovation and customer success, and continue our progress in market penetration of larger financial institutions, said Jamie King, CEO of Verafin. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. 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 What will they do with all the cash? 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. 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. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Type a symbol or company name. This cookie is used to store the referral link when a user initially discovers on Verafins website. Verafin respects your Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; This press release includes certain non-GAAP financial alert("Please enter your email address"); These cookies track visitors across websites and collect information to provide customized ads. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Legal Name Verafin Inc. Company Type For Profit. You also have the option to opt-out of these cookies. This cookie is to record user's consent for the cookies in the category "Functional". These symbols will be available throughout the site during your session. Get a D&B Hoovers Free Trial. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Who is Verafin? $=jQuery; Sign up to receive the latest educational resources about today's financial This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. 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. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or Report Quarterly Cloud Insights Q1 2022 In recent years, Verafin has observed a significant increase in wire fraud incidents across the industry, including cases of Business Email Compromise (BEC), targeted consumer . 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. 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. 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. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. This website uses cookies to improve your experience while you navigate through the website. hereof. At the time, we were talking. These cookies will be stored in your browser only with your consent. industry. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. privacy. Over 2,000 banks and To track previous page view id and url. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Copyright 2019, Verafin Solutions ULC All rights reserved. Canada. For more information, visit http://www.informationvp.com. Investors should not rely on any single financial measure when evaluating these businesses. To track previous page view id and url. The cookie is used to analyse the website's visitors and monitor traffic patterns. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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. 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. 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. credit unions use Verafin to effectively fight financial crime and comply with regulations. Microsoft Clarity cookie. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. measures, including organic revenue growth, non-GAAP EBITDA and ROIC. This website uses cookies to improve your experience while you navigate through the website. + Go To Resource These symbols will be available throughout the site during your session. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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 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. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. 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. 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 analyzes customer activity across multiple transaction channels, providing you with robust alerts that highlight a wide range of fraudulent scenarios and protect you against fraudsters targeting your institution and customers. Automation and vendor solutions, a US$13billion organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). 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. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain 2023, Nasdaq, Inc. All Rights Reserved. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. To identify unique web browsers visiting Microsoft sites. with U.S. GAAP. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. LinkedIn sets this cookie to remember a user's language setting. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 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. 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. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Blogs. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Do Not Sell My Personal Information (CA Residents Only). 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. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Verafins research and development. Quarterly results Annual reports SEC filings Financial strength rating Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. Configurable Dashboards Manage and transform your information into key business insights. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Verafins existing executive leadership team will continue to lead the company. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Sachs& Co. LLC, Morgan Stanley and TD Securities. 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 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. This combination meaningfully accelerates the evolution of our business mix toward highly will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. As a result, Nasdaq is raising its Market Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Verafin is a company that provides financial crime management solutions. The cookie is used to store if a user has or has not consented to the use of cookies. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. This cookie is used by Leadlander. 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. On Thursday, November19, 2020 at 8:00 a.m. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? Contact Email info@verafin.com. industry. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. LinkedIn sets this cookie for LinkedIn Ads ID syncing. The forward-looking statements included in this communication are made only as of the date hereof. Last Funding Type Private Equity. 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. Verafins existing executive leadership team will continue to lead the company. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Analytical cookies are used to understand how visitors interact with the website. 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. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin's. The transaction is subject to regulatory approvals and other customary closing conditions. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. . We also use third-party cookies that help us analyze and understand how you use this website. LinkedIn sets the lidc cookie to facilitate data center selection. These cookies are used for advertising, site analytics, and other operational purposes. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. The cookie is a session cookie and is deleted when all the browser windows are closed. Verafin Financial Crime Management Jack Henry. Verafin is funded by 10 investors. These cookies ensure basic functionalities and security features of the website, anonymously. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the Learn More About CTRs > Learn More About SARs > Integrated Case Management. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. may be different from non-GAAP measures used by other companies. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Valuable research and technology reports. These cookies ensure basic functionalities and security features of the website, anonymously. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. for Masters and PhD students. We also use third-party cookies that help us analyze and understand how you use this website. To this end, Nasdaq Bing Ads sets this cookie to engage with a user that has previously visited the website. Sign up to receive the latest educational resources about today's financial Verafin respects your These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. 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. Articles, Webinars, White Papers and more. To identify unique web browsers visiting Microsoft sites. 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. 2021 Proxy Statement. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. This investment by Nasdaq, a global definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. return on invested capital, and IRR objectives. 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. Bloomberg Anywhere Remote Login. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. The agreement to acquire Verafin was announced on November 19, 2020. "Bloomberg Opinion" columnists offer their opinions on issues in the news. 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. Verafins legal advisor. This cookie is used to record the user consent for the cookies in the "Advertisement" category. This website uses cookies to improve your experience while you navigate through the website. Analytical cookies are used to understand how visitors interact with the website. But opting out of some of these cookies may have an effect on your browsing experience. 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. This cookie is to store the resource that was in user's last activity. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. Records the default button state of the corresponding category & the status of CCPA. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Phone Number 877.368.9986. The equity and debt financing follows a period of sustained and rapid growth at Verafin. This cookie is used to store the user consent for the cookies in the category "Necessary". But opting out of some of these cookies may have an effect on your browsing experience. 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.. 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. 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. 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