The cookie is used to store if a user has or has not consented to the use of cookies. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. The agreement will combine Manage Products and Account Information. St. John's, NL A1A 0L9. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . As a result, Nasdaq is raising its Market To identify unique web browsers visiting Microsoft sites. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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 Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. Verafin's. 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. This cookie is to record user's consent for the cookies in the category "Functional". Phone Number 877.368.9986. 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. 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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. This cookie is to record user's consent for the cookies in the category "Functional". This documentary-style series follows investigative journalists as they uncover the truth. local employment levels to fuel Verafins growth. ET, Nasdaq will host a webcast presentation to discuss 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. 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 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. These cookies will be stored in your browser only with your consent. Please refer to our, By entering your e-mail, you consent to receiving commercial electronic messages from The Logic Inc., containing news, updates, offers or promotions about The Logic Inc.'s products and services. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. Contact Email [email protected]. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. To connect multiple page views by a user into a single Clarity session recording. 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. LinkedIn sets the lidc cookie to facilitate data center selection. Verafins existing executive leadership team will continue to lead the company. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. Investors should not rely on any single financial measure when evaluating these businesses. Labrador and an economic leader in St. Johns. Verafins existing executive leadership team will continue to lead the company. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. We also use third-party cookies that help us analyze and understand how you use this website. market. Up to When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Sign up to receive the latest educational resources about today's financial 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. It works only in coordination with the primary cookie. Verafin Inc. Website. well as future charges or reversals outside of the normal course of business. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data LinkedIn sets this cookie to remember a user's language setting. Used by Microsoft Advertising as a unique ID for visitors. 2020 Annual Report. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. This cookie is to record user's consent for the cookies in the category "Functional". This cookie is to store the resource that was in user's last activity. "Bloomberg Opinion" columnists offer their opinions on issues in the news. return on invested capital, and IRR objectives. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. demands innovative action. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 1.866.781.8433. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. accounting write-down on deferred revenue is excluded in these measures. ARR for a given period is the annualized revenue of active contracts. scalable, subscription revenue.. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Operating Status Active. 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. The transaction accelerates Nasdaq's ongoing . and infrastructure provider. 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. The Logic 2023 The Logic Inc. All Rights Reserved. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). The cookie is a session cookie and is deleted when all the browser windows are closed. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. These cookies are used for advertising, site analytics, and other operational purposes. Software Updates. This cookie is used to store the user consent for the cookies in the category "Necessary". Last Funding Type Private Equity. Nasdaq also received financial advice from BofA Securities, Goldman Microsoft Clarity cookie. Founders Brendan Brothers, Jamie King, Raymond Pretty. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or Verafin respects your position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. By clicking Accept, you consent to the use of ALL the cookies. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Quarterly results Annual reports SEC filings Letters to shareholders Financial strength rating Financials Letters to shareholders Read the latest message from Markel's co-chief executive officers to our business partners. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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. 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. You also have the option to opt-out of these cookies. 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Automation and vendor solutions, a US$13billion Who is Verafin? Ed Ditmire, CFA: +1 212 401 [email protected], Ryan Wells: +1 646 648 3887 [email protected], Yan-yan Tong: +46 (0)73 449 66 [email protected], Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 [email protected] Lloyd: +1 416 402 [email protected], Brian Hartlen: +1 709 725 [email protected]. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. 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. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. 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. Records the default button state of the corresponding category & the status of CCPA. These symbols will be available throughout the site during your session. Verafins innovative anti-money laundering and fraud platform and client breadth. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. The pattern element in the name contains the unique identity number of the account or website it relates to. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Canada. Verafin has grown at a compound annual revenue growth rate of approximately 30% over This cookie is used by Leadlander. These cookies are used for advertising, site analytics, and other operational purposes. with U.S. GAAP. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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 This cookie is used to store the user consent for the cookies in the category "Performance". 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.. a leading growth equity investor based in Boston and San Francisco, and Information Venture Partners, a leading FinTech-focused venture capital firm based in Toronto, both significant investors in Verafin, have agreed to sell their stake as part of 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. SaaS companies. } ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those Articles, Webinars, White Papers and more. 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. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating The pattern element in the name contains the unique identity number of the account or website it relates to. But opting out of some of these cookies may have an effect on your browsing experience. 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. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. 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. This cookie is used to store the user consent for the cookies in the category "Other". The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. $=jQuery; 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Links to the webcast and accompanying Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. privacy. Visitwww.verafin.com, [email protected] call 866.781.8433. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. 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 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. Verafins results will be reported within Nasdaqs Market Technology segment. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This press release includes certain non-GAAP financial 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. C$100 million in annual recurring . headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. 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. Award-Winning Sales Intel. Great journalism delivered straight to your inbox. 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. You can withdraw your consent at anytime. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. industry. However you may visit Cookie Settings to provide a controlled consent. Additional financial terms were not disclosed. Articles, Webinars, White Papers and more. 2023, Nasdaq, Inc. All Rights Reserved. Used by Microsoft Advertising as a unique ID for visitors. 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. teamwork, entrepreneurship, and a commitment to continued growth and development. You also have the option to opt-out of these cookies. 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 . 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. LinkedIn sets this cookie to remember a user's language setting. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. 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 cookie is used to record the user consent for the cookies in the "Advertisement" category. 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. 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. 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. 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. The equity and debt financing follows a period of sustained and rapid growth at Verafin. READ MORE Verafin is funded by 10 investors. 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; The agreement to acquire Verafin was announced on November 19, 2020. These cookies track visitors across websites and collect information to provide customized ads. To connect multiple page views by a user into a single Clarity session recording. Represents revenues less transaction-based expenses. 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.