Additional financial terms were not disclosed. To this end, Nasdaq This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. You can withdraw your consent at any time. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. 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. Investors should not rely on any single financial measure when evaluating these businesses. The Logic 2023 The Logic Inc. All Rights Reserved. Verafin has raised a total of $454M in funding over 5 rounds. This cookie is used to store the user consent for the cookies in the category "Analytics". Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Used by Microsoft Advertising as a unique ID for visitors. annual recurring revenue growth, or ARR1, within a US$13billion addressable These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Verafin's. industry. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is a session cookie and is deleted when all the browser windows are closed. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. employment base, Nasdaq will work closely with Memorial University to grow its scholarship program at the University, enhance its co-op programs, and fund and supervise at least six Mitacs fellowships annually position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Verafin Inc was founded in 2003. 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. scalable, subscription revenue.. market. 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. The agreement to acquire Verafin was announced on November 19, 2020. Financials | Markel Corp. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. Over 2,000 banks and Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy The equity and debt financing follows a period of sustained and rapid growth at Verafin. 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. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. 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 . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Nov 25, 2022. . Oil-sands companies had a blockbuster earnings season. Nasdaq 4Q21 Quarterly Update 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. 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Form 10-K | Investor.gov 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. Software Updates. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. 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. Articles, Webinars, White Papers and more. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. ET, Nasdaq will host a webcast presentation to discuss the transaction. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. comparative measure. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. To connect multiple page views by a user into a single Clarity session recording. Interagency statement clarifies model validation expectations Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. 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. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 cookie is used to store the user consent for the cookies in the category "Other". When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. 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. } ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by customers. Combines Nasdaqs global reach and established regulatory technology leadership with. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Nasdaqs global reach combined with Verafins powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. The 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. Sign up to receive the latest educational resources about today's financial These cookies ensure basic functionalities and security features of the website, anonymously. Osler, Hoskin& Harcourt LLP acted as The company's line of business includes providing computer programming services. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. The cookie is used to store if a user has or has not consented to the use of 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. These cookies ensure basic functionalities and security features of the website, anonymously. 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. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Up to 2023, Nasdaq, Inc. All Rights Reserved. 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. To identify unique web browsers visiting Microsoft sites. 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. On Thursday, November19, 2020 at 8:00 a.m. discussion of this and other non-GAAP measures. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Stores the Clarity User ID and preferences, unique to that site, on the browser. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Verafin Completes C$515 Million Equity and Debt Recapitalization This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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 To identify unique web browsers visiting Microsoft sites. Award-Winning Sales Intel. 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 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. The pattern element in the name contains the unique identity number of the account or website it relates to. The agreement to acquire Verafin was announced on November 19, 2020. This cookie is used by Leadlander. Verafin Inc Company Profile | St. John's, NL, Canada | Competitors 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. may be different from non-GAAP measures used by other companies. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. 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. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. This cookie is used to store the user consent for the cookies in the category "Performance". Legal Name Verafin Inc. Company Type For Profit. Verafin Inc. Website. Quarterly results Annual reports SEC filings Financial strength rating NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry 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. These cookies ensure basic functionalities and security features of the website, anonymously. These cookies are used for advertising, site analytics, and other operational purposes. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. 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. Type a symbol or company name. Scotiabank and BDC Venture Capital are the most recent investors. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Nasdaq Completes Acquisition of Verafin | Nasdaq Corporate and Investor Relations Contact The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This cookie is to store the resource that was in user's last activity. Longview Communications& Public Affairs (Canada). 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 . Compare how recession-proof Verafin Usa is relative to the industry overall. Copyright 2019, Verafin Solutions ULC All rights reserved. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. VERAFIN - Massachusetts Bankers Association Home The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. These cookies are used for advertising, site analytics, and other operational purposes. 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. credit unions use Verafin to effectively fight financial crime and comply with regulations. Asia Pacific +65 6212 1000. Analytical cookies are used to understand how visitors interact with the website. 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). transaction with a combination of US$2.5billion of debt and cash on hand and expects debt / non-GAAP EBITDA leverage to be approximately 3.9x pro forma for the transaction. 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. accounting write-down on deferred revenue is excluded in these measures. Nasdaqs investment will help Verafin expand its Verafin Cookie. LinkedIn sets the lidc cookie to facilitate data center selection. The cookie is used to analyse the website's visitors and monitor traffic patterns. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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 Verafins managements use certain of these non-GAAP measures to compare Nasdaqs and Verafins performance to that of prior periods for trend analyses and for budgeting and planning purposes. 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.
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