privacy. These symbols will be available throughout the site during your session. Compare how recession-proof Verafin Usa is relative to the industry overall. Verafin respects your Additional financial terms were not disclosed. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! The cookie is a session cookie and is deleted when all the browser windows are closed. Quarterly results Annual reports SEC filings Financial strength rating $('#wpaloginform').submit(function( ) { To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The cookie is used to store if a user has or has not consented to the use of cookies. LinkedIn sets the lidc cookie to facilitate data center selection. Bloomberg Anywhere Remote Login. 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial annual recurring revenue growth, or ARR1, within a US$13billion addressable Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Subscribe now to start reading premium, award-winning journalism. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. This cookie is used to store the user consent for the cookies in the category "Performance". 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. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Verafin respects your The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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. Founders Brendan Brothers, Jamie King, Raymond Pretty. This cookie is used to store the user consent for the cookies in the category "Other". NEW YORK and ST. JOHN'S, Newfoundland and Labrador, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, announced today the completion of its acquisition of Verafin, an industry pioneer in anti-financial crime management solutions.The agreement to acquire Verafin was announced on November 19, 2020.. and Chief Executive Officer, Nasdaq. this 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. Canada. This documentary-style series follows investigative journalists as they uncover the truth. demands innovative action. industry. Sachs& Co. LLC, Morgan Stanley and TD Securities. with U.S. GAAP. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Type a symbol or company name. By clicking Accept, you consent to the use of ALL the cookies. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. The transaction accelerates Nasdaq's ongoing . position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. 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. items. measures, including organic revenue growth, non-GAAP EBITDA and ROIC. To identify unique web browsers visiting Microsoft sites. 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. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Award-Winning Sales Intel. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. This combination meaningfully accelerates the evolution of our business mix toward highly largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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. 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. Microsoft Clarity cookie. 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. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. The Verafin deal was announced almost 10 years to the day after Danny Williams called everyone into a St. John's hotel room to unveil the Muskrat Falls megaproject. 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. 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 information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. This cookie is used to store the referral link when a user initially discovers on Verafins website. + Go To Resource Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. extraordinary growth and stellar client retention. Phone Number 877.368.9986. Articles, Webinars, White Papers and more. LinkedIn sets this cookie to remember a user's language setting. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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 accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Spectrum Equity, Create your Watchlist to save your favorite quotes on Nasdaq.com. Who is Verafin? Analytical cookies are used to understand how visitors interact with the website. privacy. Nasdaq and Verafin believe that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Verafins financial condition and results of operations. Learn More About CTRs > Learn More About SARs > Integrated Case Management. However you may visit Cookie Settings to provide a controlled consent. This cookie is to store the resource that was in user's last activity. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. LinkedIn sets the lidc cookie to facilitate data center selection. This cookie is used to store user's information to prepopulate the forms and track user's site usage. These cookies will be stored in your browser only with your consent. Represents non-GAAP EBITDA margin percentage plus annual growth rate. 2023, Nasdaq, Inc. All Rights Reserved. It works only in coordination with the primary cookie. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Software Updates. 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. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); Used by Microsoft Advertising as a unique ID for visitors. 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. LinkedIn sets this cookie to remember a user's language setting. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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 . St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . investment grade ratings. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. 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 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, 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. 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Nasdaq intends to finance the 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 Verafin Inc. Website. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Bing Ads sets this cookie to engage with a user that has previously visited the website. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Verafin has raised a total of $454M in funding over 5 rounds. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. These cookies are used for advertising, site analytics, and other operational purposes. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, operate, and combatting financial crime is central to achieving our goals. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. 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. We also use third-party cookies that help us analyze and understand how you use this website. well as future charges or reversals outside of the normal course of business. Configurable Dashboards Manage and transform your information into key business insights. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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. 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 Nasdaq intends to pursue its Verafin Inc was founded in 2003. This cookie is used to store the user consent for the cookies in the category "Other". organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a In order to foster the next generation of talent in the province and help support Verafins growing The equity and debt financing follows a period of sustained and rapid growth at Verafin. Quarterly Cloud . Verafin is funded by 10 investors. This SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of November 18, 2020, is made by and among Nasdaq, Inc., a Delaware corporation ("Parent"), Osprey Acquisition Corporation, a corporation existing under the CBCA and a wholly owned subsidiary of Parent ("Buyer" and collectively with Parent, "Buyer Parties"), Verafin Holdings Inc., a corporation existing under the CBCA . You also have the option to opt-out of these cookies. 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. Longview Communications& Public Affairs (Canada). 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. Nasdaq also received financial advice from BofA Securities, Goldman 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. 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 Necessary cookies are absolutely essential for the website to function properly. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment scalable, subscription revenue.. This cookie is used to store the user consent for the cookies in the category "Necessary". 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. Nov 25, 2022. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. and infrastructure provider. However you may visit Cookie Settings to provide a controlled consent. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. may be different from non-GAAP measures used by other companies. Corporate and Investor Relations Contact The agreement to acquire Verafin was announced on November 19, 2020. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures Ottawas heart institute promises to return US$250,000 grant from bankrupt FTX empire, New federal innovation organization will levy penalties on publicly subsidized IP leaving country, Enthusiast Gaming accuses former executive of calculated coup against CEO, U.S.-based startup with plans to store carbon in deep oceans skips Canada for Iceland. LinkedIn sets this cookie to store performed actions on the website. It works only in coordination with the primary cookie. 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. Investors should not rely on any single financial measure when evaluating these businesses. 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