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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. Stores the Clarity User ID and preferences, unique to that site, on the browser. At the time, we were talking. To identify unique web browsers visiting Microsoft sites. 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. expectations with respect to Verafins business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected 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. $('#wpaloginform').submit(function( ) { These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 2021 Proxy Statement. Type a symbol or company name. This investment by Nasdaq, a global Verafin Inc Company Profile | St. John's, NL, Canada | Competitors headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. These symbols will be available throughout the site during your session. 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. 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. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. 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. . Sachs& Co. LLC, Morgan Stanley and TD Securities. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Verafin respects your Investors should not rely on any single financial measure when evaluating these businesses. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. Copy and paste multiple symbols separated by spaces. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. The cookie is used to store if a user has or has not consented to the use of cookies. Verafin - Crunchbase Company Profile & Funding This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. To identify unique web browsers visiting Microsoft sites. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Blogs. At the time, Verafin CEO Jamie King. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Report incorrect company information. the last three years. To track previous page view id and url. Nasdaq intends to finance the Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Verafin: Financial Crime Management Solutions for Financial Institutions privacy. 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. hereof. 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. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Microsoft Clarity cookie. Used by Microsoft Advertising as a unique ID for visitors. and Chief Executive Officer, Nasdaq. These cookies are used for advertising, site analytics, and other operational purposes. existing regulatory technology and anti-financial crime solutions, which include its renowned Nasdaq Trade and Market Surveillance offering, its Buy-side Compliance product, as well as the Nasdaq Automated 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. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 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. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. Records the default button state of the corresponding category & the status of CCPA. items. This cookie is used to store the user consent for the cookies in the category "Other". Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. By clicking Accept, you consent to the use of ALL the cookies. At the core of Nasdaqs mission, we champion fairness and integrity in the markets that we build and in the broader financial ecosystem in which we Necessary cookies are absolutely essential for the website to function properly. It works only in coordination with the primary cookie. 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. 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. 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. Necessary cookies are absolutely essential for the website to function properly. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. 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. 18 Hebron Way. These cookies are used for advertising, site analytics, and other operational purposes. Type a symbol or company name. 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. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. These cookies are used for advertising, site analytics, and other operational purposes. 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. 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 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. The forward-looking statements included in this communication are made only as of the date hereof. This cookie is to record user's consent for the cookies in the category "Functional". You also have the option to opt-out of these cookies. Nasdaq Completes Acquisition of Verafin | Nasdaq These cookies track visitors across websites and collect information to provide customized ads. As a result, Nasdaq is raising its Market SaaS companies. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. This cookie is used to store the referral link when a user initially discovers on Verafins website. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. These cookies ensure basic functionalities and security features of the website, anonymously. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis to show you truly unusual activity with a single alert, saving you time and providing you with the information you need to decide how to proceed. 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. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Contact Email info@verafin.com. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. This cookie is used to store the user consent for the cookies in the category "Performance". Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. ARR does not have any standardized Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The Logic 2023 The Logic Inc. All Rights Reserved. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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.. 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$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth What will they do with all the cash? 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. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin Logon St. John's, NL A1A 0L9. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. 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. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. proposed transaction on the market price of Nasdaqs common stock or on Nasdaqs operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; LinkedIn sets this cookie for LinkedIn Ads ID syncing. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Nasdaq buying N.L. online security company Verafin in $2.75B US deal - CBC 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.. 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. Records the default button state of the corresponding category & the status of CCPA. 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. 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. Labrador and an economic leader in St. Johns. 2023, Nasdaq, Inc. All Rights Reserved. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. These cookies will be stored in your browser only with your consent. These cookies will be stored in your browser only with your consent. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. You also have the option to opt-out of these cookies. 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. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Legal Name Verafin Inc. Company Type For Profit. This cookie is to store the resource that was in user's last activity. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. 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. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. The cookie is a session cookie and is deleted when all the browser windows are closed. This cookie is used to store the user consent for the cookies in the category "Performance". This cookie is used by Leadlander. Over 2,000 banks and www.sec.gov. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Great journalism delivered straight to your inbox. Phone Number 877.368.9986. Verafin | Nasdaq Houlihan Lokey served as the financial advisor to Verafin. Learn More About CTRs > Learn More About SARs > Integrated Case Management. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The pattern element in the name contains the unique identity number of the account or website it relates to. This cookie is used to store the user consent for the cookies in the category "Analytics". Interagency statement clarifies model validation expectations