} . Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Nasdaqs organic growth calculation methodology normally excludes acquired businesses from the measure until they have been part of Nasdaq for a full 12-month period. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Verafin: Financial Crime Management Solutions for Financial Institutions For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Manage Products and Account Information. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. LinkedIn sets the lidc cookie to facilitate data center selection. This cookie is used to store the user consent for the cookies in the category "Necessary". These measures are not in accordance with, or an alternative to, U.S. GAAP, and discussion of this and other non-GAAP measures. ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. 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. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures The forward-looking statements included in this communication are made only as of the date These cookies ensure basic functionalities and security features of the website, anonymously. 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; LinkedIn sets this cookie to remember a user's language setting. 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. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Canada. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Spectrum Equity, This cookie is used to store user's information to prepopulate the forms and track user's site usage. Founders Brendan Brothers, Jamie King, Raymond Pretty. 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. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry Award-Winning Sales Intel. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Investors should not rely on any single financial measure when evaluating these businesses. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, 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. 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. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Sign up to receive the latest educational resources about today's financial Bloomberg Anywhere Remote Login. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. SaaS companies. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers LinkedIn sets this cookie to remember a user's language setting. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. You can withdraw your consent at anytime. 2023, Nasdaq, Inc. All Rights Reserved. Verafin Financial Crime Management Jack Henry. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. What will they do with all the cash? 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. comparative measure. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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 These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. This cookie is used to store the user consent for the cookies in the category "Necessary". 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 . and Chief Executive Officer, Nasdaq. Microsoft Clarity cookie. Here's a list of some of the top trending technologies and APIs used by Verafin. 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 Logic 2023 The Logic Inc. All Rights Reserved. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. 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.. This cookie is to store the resource that was in user's last activity. 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. credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 Form 10-K | Investor.gov 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. Financials | Markel Corp. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Copy and paste multiple symbols separated by spaces. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. The pattern element in the name contains the unique identity number of the account or website it relates to. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or This cookie is used to store the user consent for the cookies in the category "Other". 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. Necessary cookies are absolutely essential for the website to function properly. will increase Verafins level of charitable giving as the company continues to grow. Interagency statement clarifies model validation expectations The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Quarterly Cloud . 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 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.. Software Updates. Links to the webcast and accompanying Verafin Logon teamwork, entrepreneurship, and a commitment to continued growth and development. with U.S. GAAP. But opting out of some of these cookies may have an effect on your browsing experience. items. These cookies are used for advertising, site analytics, and other operational purposes. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. 2021 Proxy Statement. Necessary cookies are absolutely essential for the website to function properly. 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. Subscribe now to start reading premium, award-winning journalism. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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 cookie stores information anonymously and assigns a randomly generated number to recognize unique . By clicking Accept, you consent to the use of ALL the cookies. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. 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. On Thursday, November19, 2020 at 8:00 a.m. Type a symbol or company name. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . 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 ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Get a D&B Hoovers Free Trial. To connect multiple page views by a user into a single Clarity session recording. Verafin's quiet, huge success: Canada's largest venture funding deal 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. 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. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Verafin respects your The cookie is a session cookie and is deleted when all the browser windows are closed. Copyright 2019, Verafin Solutions ULC All rights reserved. Verafin's. Labrador and an economic leader in St. Johns. 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. operate, and combatting financial crime is central to achieving our goals. 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. 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. Nasdaqs and 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. 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. ARR for a given period is the annualized revenue of active contracts. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Used by Microsoft Advertising as a unique ID for visitors. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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.
