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 This cookie is used to store the user consent for the cookies in the category "Analytics". Verafin Cookie. 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. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. You also have the option to opt-out of these cookies. The agreement will combine We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. Verafin has raised a total of $454M in funding over 5 rounds. Used by Microsoft Advertising as a unique ID for visitors. 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. Sales bookings and deal size at the company each grew by. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Do Not Sell My Personal Information (CA Residents Only). Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. Verafin Cookie. and infrastructure provider. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Configurable Dashboards Manage and transform your information into key business insights. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. To track previous page view id and url. 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. future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the proposed transaction; and the effect of the announcement or pendency of the transaction on Verafins business . The forward-looking statements included in this communication are made only as of the date hereof. You can withdraw your consent at anytime. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. On Thursday, November19, 2020 at 8:00 a.m. These cookies will be stored in your browser only with your consent. 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. 2021 Proxy Statement. ARR for a given period is the annualized revenue of active contracts. St. John's, NL A1A 0L9. Connect with us on Social or feel free to contact us with any inquiries. 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. 2023, Nasdaq, Inc. All Rights Reserved. READ MORE But opting out of some of these cookies may have an effect on your browsing experience. Founders Brendan Brothers, Jamie King, Raymond Pretty. 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 privacy. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Canada. Necessary cookies are absolutely essential for the website to function properly. Verafins legal advisor. 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. Investigator for anti-money laundering (AML). For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. 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. 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. Copyright 2019, Verafin Solutions ULC All rights reserved. ARR does not have any standardized LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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". leader in financial technology, is a major vote of confidence and a significant win for the Province of Newfoundland and Labradors technology and innovation sector. It works only in coordination with the primary cookie. You also have the option to opt-out of these cookies. This cookie is used by Leadlander. Type a symbol or company name. 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. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its 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. Microsoft Clarity cookie. hub. privacy. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Articles, Webinars, White Papers and more. This website uses cookies to improve your experience while you navigate through the website. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. 1.866.781.8433. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Nasdaq intends to finance the operate, and combatting financial crime is central to achieving our goals. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! 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. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of What will they do with all the cash? 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. Verafins comprehensive suite of anti-financial crime management products with Nasdaqs reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that Great journalism delivered straight to your inbox. demands innovative action. 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. You can withdraw your consent at any time. Type a symbol or company name. These cookies will be stored in your browser only with your consent. This cookie is used to store the user consent for the cookies in the category "Other". 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. 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Nasdaqs and displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. credit unions use Verafin to effectively fight financial crime and comply with regulations. may be different from non-GAAP measures used by other companies. The transaction accelerates Nasdaq's ongoing . Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Subscribe now to start reading premium, award-winning journalism. . LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. LinkedIn sets this cookie to store performed actions on the website. This cookie is to store the resource that was in user's last 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. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. To identify unique web browsers visiting Microsoft sites. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. It works only in coordination with the primary cookie. 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 transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics The equity and debt financing follows a period of sustained and rapid growth at Verafin. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. ET, Nasdaq will host a webcast presentation to discuss the transaction. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Operating Status Active. This cookie is used to store the referral link when a user initially discovers on Verafins website. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. alert("Please enter your email address"); Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). 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.. The pattern element in the name contains the unique identity number of the account or website it relates to. 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 Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. This cookie is used by Leadlander. Nasdaqs investment will help Verafin expand its The cookie is a session cookie and is deleted when all the browser windows are closed. 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. 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 By clicking Accept, you consent to the use of ALL the cookies. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. Get a D&B Hoovers Free Trial. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in line with the true risk the customer poses to the institution. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Get a D&B Hoovers Free Trial. Investors should not rely on any single financial measure when evaluating these businesses. Corporate and Investor Relations Contact You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. These symbols will be available throughout the site during your session. Verafins existing executive leadership team will continue to lead the company. Phone Number 877.368.9986. By clicking Accept, you consent to the use of ALL the cookies. 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. 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. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. You also have the option to opt-out of these cookies. 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). These cookies ensure basic functionalities and security features of the website, anonymously. The cookie is used to store if a user has or has not consented to the use of cookies. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Combines Nasdaqs global reach and established regulatory technology leadership with. 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 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. 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. 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. 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. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. 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. This cookie is used to store the user consent for the cookies in the category "Other". Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. The cookie is a session cookie and is deleted when all the browser windows are closed. The agreement to acquire Verafin was announced on November 19, 2020. 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. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. 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. and Chief Executive Officer, Nasdaq. 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. In order to foster the next generation of talent in the province and help support Verafins growing To connect multiple page views by a user into a single Clarity session recording. Verafin respects your LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment well as future charges or reversals outside of the normal course of business. extraordinary growth and stellar client retention. Additional financial terms were not disclosed. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. This investment by Nasdaq, a global More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Nasdaqs ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . 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. Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. Refer to the non-GAAP information section of this release for a To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. 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. EMEA +44 20 7330 7500. Compare how recession-proof Verafin Usa is relative to the industry overall. 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. By clicking Accept, you consent to the use of ALL the cookies. Quarterly results Annual reports SEC filings Financial strength rating Used by Microsoft Advertising as a unique ID for visitors. 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. 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. Verafin respects your To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Legal Name Verafin Inc. Company Type For Profit. 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. + Go To Resource Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. Verafins existing executive leadership team will continue to lead the company. Links to the webcast and accompanying The transaction is subject to regulatory approvals and other customary closing conditions. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. LinkedIn sets this cookie to remember a user's language setting. 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. relationships, operating results, and business generally. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. Represents non-GAAP EBITDA margin percentage plus annual growth rate. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. 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.. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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. 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. annual recurring revenue growth, or ARR1, within a US$13billion addressable Using artificial intelligence Join industry-leading anti-financial crime experts as they reveal results of trend analysis of an immense set of anonymized data from financial institutions in the Verafin Verafin is the industrys leading Financial Crime Management platform, trusted by financial institutions using iCore360 core banking systems to strengthen compliance and combat evolving financial Industry trends & hot topics delivered to your inbox. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Copyright 2019, Verafin Solutions ULC All rights reserved. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations.