NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry 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. Longview Communications& Public Affairs (Canada). Microsoft Clarity cookie. The cookie is used to analyse the website's visitors and monitor traffic patterns. Microsoft Clarity cookie. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. discussion of this and other non-GAAP measures. But opting out of some of these cookies may have an effect on your browsing experience. Documents from Prior Periods. Records the default button state of the corresponding category & the status of CCPA. 2023, Nasdaq, Inc. All Rights Reserved. Verafin Cookie. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers What industry is the company in? Verafin Completes C$515 Million Equity and Debt Recapitalization Get a D&B Hoovers Free Trial. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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). Articles, Webinars, White Papers and more. Verafin's blockbuster sale: A tech success story, decades in the - CBC David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Additional financial terms were not disclosed. 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 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. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. 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. "Bloomberg Opinion" columnists offer their opinions on issues in the news. This cookie is used to store the user consent for the cookies in the category "Performance". 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. Asia Pacific +65 6212 1000. Used by Microsoft Advertising as a unique ID for visitors. To identify unique web browsers visiting Microsoft sites. LinkedIn sets this cookie to store performed actions on the website. 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.. This investment by Nasdaq, a global These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. It is expected to close in the first quarter of 2021. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Driving the market is an uptick . services enables clients to optimize and execute their business vision with confidence. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain . Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. for Masters and PhD students. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. To identify unique web browsers visiting Microsoft sites. Verafin is a company that provides financial crime management solutions. On Thursday, November19, 2020 at 8:00 a.m. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in The cookie is used to store if a user has or has not consented to the use of cookies. Form 10-K | Investor.gov 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. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. 18 Hebron Way. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. By clicking Accept, you consent to the use of ALL the cookies. These cookies track visitors across websites and collect information to provide customized ads. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. local employment levels to fuel Verafins growth. Osler, Hoskin& Harcourt LLP acted as Copyright 2019, Verafin Solutions ULC All rights reserved. Verafins existing executive leadership team will continue to lead the company. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory 2020 Annual Report. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Sign up to receive the latest educational resources about today's financial 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 Excludes the impact of purchase accounting write-down on deferred revenue. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Verafin Inc Company Profile | St. John's, NL, Canada | Competitors You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. well as future charges or reversals outside of the normal course of business. These symbols will be available throughout the site during your session. Over 2,000 banks and 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. This cookie is used to store the user consent for the cookies in the category "Necessary". These symbols will be available throughout the site during your session. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. This cookie is to record user's consent for the cookies in the category "Functional". Sign up to receive the latest educational resources about today's financial 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. This documentary-style series follows investigative journalists as they uncover the truth. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. This cookie is used by Leadlander. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Here's a list of some of the top trending technologies and APIs used by Verafin. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance The cookie is a session cookie and is deleted when all the browser windows are closed. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Combines Nasdaqs global reach and established regulatory technology leadership with. investment grade ratings. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. and infrastructure provider. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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. LinkedIn sets this cookie to remember a user's language setting. This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. 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. Bing Ads sets this cookie to engage with a user that has previously visited the website. This cookie is used to store the user consent for the cookies in the category "Other". 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. alert("Please enter your email address"); LinkedIn sets the lidc cookie to facilitate data center selection. Compare how recession-proof Verafin Usa is relative to the industry overall. This cookie is used by Leadlander. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Create your Watchlist to save your favorite quotes on Nasdaq.com. Configurable Dashboards Manage and transform your information into key business insights. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. At Nasdaq, we believe that fair, secure and transparent markets are vital to creating strong economies that move the world forward, said Adena Friedman, President and Chief Executive Officer, Nasdaq. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. items. Copy and paste multiple symbols separated by spaces. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Americas +1 212 318 2000. Verafin Company Profile - Office Locations, Competitors, Financials Quarterly Cloud . Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 1.866.781.8433. Breaking down Nasdaq's US$2.75-billion deal for Newfoundland tech Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. You can withdraw your consent at any time. Stores the Clarity User ID and preferences, unique to that site, on the browser. Verafin now offers an all-in-one Anti-Financial Crime Platform for, Automating for Efficiency in your BSA/AML and Fraud Program, Navigating the Rising Challenge of Human Trafficking, Financial Crime Management for Credit Unions, Quarterly Cloud Insights Uncovered Q1 2023, Verafin Financial Crime Management iCore360. But opting out of some of these cookies may have an effect on your browsing experience. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. if(!$('#wpaloginform #user_email_username').val()) { 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 . $('#wpaloginform').submit(function( ) { Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and scalable, subscription revenue.. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. 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. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Houlihan Lokey served as the financial advisor to Verafin. By clicking Accept, you consent to the use of ALL the cookies. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. privacy. 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. 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 will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Up to 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 Sign up to receive the latest educational resources about today's financial Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase This press release includes certain non-GAAP financial Verafins research and development. Manage Products and Account Information. These cookies track visitors across websites and collect information to provide customized ads. The pattern element in the name contains the unique identity number of the account or website it relates to. Records the default button state of the corresponding category & the status of CCPA. Connect with us on Social or feel free to contact us with any inquiries. The cookie is used to store if a user has or has not consented to the use of cookies. Investors should not rely on any single financial measure when evaluating these businesses. 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 Cookie. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. See the bigger picture with reporters and industry experts in subscriber-exclusive events. Copy and paste multiple symbols separated by spaces. At the time, Verafin CEO Jamie King. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. The transaction accelerates Nasdaq's ongoing . The acquisition of Verafin is also expected to This cookie is used to store the user consent for the cookies in the category "Analytics". Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. in place and continue to lead the companys growth. St. John's, NL A1A 0L9. 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. Verafin Company Profile | Management and Employees List - Datanyze It works only in coordination with the primary cookie. Investors should not rely on any single financial measure when evaluating these businesses. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Verafin respects your Refer to the non-GAAP information section of this release for a To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. These cookies ensure basic functionalities and security features of the website, anonymously. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Necessary cookies are absolutely essential for the website to function properly. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Represents revenues less transaction-based expenses. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. But opting out of some of these cookies may have an effect on your browsing experience. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Award-Winning Sales Intel. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. ARR for a given period is the annualized revenue of active contracts. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Oil-sands companies had a blockbuster earnings season. At the time, we were talking. 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. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. This cookie is used to store the user consent for the cookies in the category "Performance". To track previous page view id and url. Verafin - Funding, Financials, Valuation & Investors The agreement to acquire Verafin was announced on November 19, 2020. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. This cookie is to store the resource that was in user's last activity. Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy The Logic 2023 The Logic Inc. All Rights Reserved. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaq buying N.L. online security company Verafin in $2.75B US deal - CBC These cookies will be stored in your browser only with your consent. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Interagency statement clarifies model validation expectations Type a symbol or company name. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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.

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