Articles, Webinars, White Papers and more. 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. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. C$100 million in annual recurring . 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. 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Verafin is a company that provides financial crime management solutions. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Copy and paste multiple symbols separated by spaces. 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. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 18 Hebron Way. However you may visit Cookie Settings to provide a controlled consent. Additionally, we are committed to To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. These cookies track visitors across websites and collect information to provide customized ads. This cookie is used to store the user consent for the cookies in the category "Performance". These measures are not in accordance with, or an alternative to, U.S. GAAP, and This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. The cookie is a session cookie and is deleted when all the browser windows are closed. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. Bing Ads sets this cookie to engage with a user that has previously visited the website. will increase Verafins level of charitable giving as the company continues to grow. demands innovative action. Verafins legal advisor. 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. The cookie is used to store if a user has or has not consented to the use of cookies. 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. with U.S. GAAP. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Investors should not rely on any single financial measure when evaluating these businesses. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. This investment by Nasdaq, a global Necessary cookies are absolutely essential for the website to function properly. To connect multiple page views by a user into a single Clarity session recording. 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. To identify unique web browsers visiting Microsoft sites. supporting innovation and growth in St. Johns and Newfoundland and Labrador. . These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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 Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. When used in this communication, words such as intends, plans, This documentary-style series follows investigative journalists as they uncover the truth. Software Updates. Microsoft Clarity cookie. This cookie is used to store the user consent for the cookies in the category "Necessary". This cookie is to store the resource that was in user's last activity. These cookies will be stored in your browser only with your consent. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. 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. Analytical cookies are used to understand how visitors interact with the website. Stores the Clarity User ID and preferences, unique to that site, on the browser. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. 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 Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. 2023, Nasdaq, Inc. All Rights Reserved. Sales bookings and deal size at the company each grew by. Bing Ads sets this cookie to engage with a user that has previously visited the website. Verafins research and development. 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. 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. 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. Quarterly results Annual reports SEC filings Financial strength rating 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. What industry is the company in? 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 Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Copyright 2019, Verafin Solutions ULC All rights reserved. This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. teamwork, entrepreneurship, and a commitment to continued growth and development. Verafin Cookie. return on invested capital, and IRR objectives. "Bloomberg Opinion" columnists offer their opinions on issues in the news. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . local employment levels to fuel Verafins growth. 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. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures LinkedIn sets the lidc cookie to facilitate data center selection. However you may visit Cookie Settings to provide a controlled consent. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Analytical cookies are used to understand how visitors interact with the website. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that Americas +1 212 318 2000. This combination meaningfully accelerates the evolution of our business mix toward highly 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. LinkedIn sets this cookie to remember a user's language setting. 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. Automation and vendor solutions, a US$13billion The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. + Go To Resource 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 7819, Media, Analysts and General Contact 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. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Combines Nasdaqs global reach and established regulatory technology leadership with. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating To identify unique web browsers visiting Microsoft sites. 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. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Verafin respects your Get a D&B Hoovers Free Trial. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. 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 Refer to the non-GAAP information section of this release for a This cookie is used to store the user consent for the cookies in the category "Performance". 1.866.781.8433. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. However you may visit Cookie Settings to provide a controlled consent. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. See the bigger picture with reporters and industry experts in subscriber-exclusive events. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase 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. and Chief Executive Officer, Nasdaq. The cookie is used to store if a user has or has not consented to the use of cookies. Represents revenues less transaction-based expenses. The cookie is used to store if a user has or has not consented to the use of cookies. Verafins results will be reported within Nasdaqs Market Technology segment. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, Verafins existing executive leadership team will continue to lead the company. privacy. Nasdaq intends to pursue its Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. 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. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry 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. 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. 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; The cookie is a session cookie and is deleted when all the browser windows are closed. Verafin Cookie. 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. LinkedIn sets this cookie to remember a user's language setting. 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. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. 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. 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. 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 user's information to prepopulate the forms and track user's site usage. 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. This cookie is used to store the user consent for the cookies in the category "Other". alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. . 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. The cookie is a session cookie and is deleted when all the browser windows are closed. This website uses cookies to improve your experience while you navigate through the website. 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 . This cookie is used to store the user consent for the cookies in the category "Performance". Over 2,000 banks and Great journalism delivered straight to your inbox. 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. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! This cookie is used to store the user consent for the cookies in the category "Analytics". LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Necessary cookies are absolutely essential for the website to function properly. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers These cookies ensure basic functionalities and security features of the website, anonymously. These cookies track visitors across websites and collect information to provide customized ads. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. To track previous page view id and url. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. The forward-looking statements included in this communication are made only as of the date The transaction accelerates Nasdaq's ongoing . 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.. 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 place and continue to lead the companys growth. Verafin, a Nasdaq company, is an industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Founders Brendan Brothers, Jamie King, Raymond Pretty. READ MORE The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys This cookie is used by Leadlander. 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 Scotiabank and BDC Venture Capital are the most recent investors. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. More than 9 companies reportedly use Verafin products in their tech and software stacks, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, Verafin headquarters are located in 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada, Verafins main industries are: Financial Software, Software, Verafin appears in search results as Verafin, Verafin Inc, Verafi Inc, International Organization for Standardization, Web Hypertext Application Technology Working Group. investment grade ratings. 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. 2020 Annual Report. discussion of this and other non-GAAP measures. At the time, we were talking. Verafins innovative anti-money laundering and fraud platform and client breadth. The agreement will combine 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. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 2023, Nasdaq, Inc. All Rights Reserved. . These cookies track visitors across websites and collect information to provide customized ads. if(!$('#wpaloginform #user_email_username').val()) { 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of $=jQuery; Microsoft Clarity cookie. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Corporate and Investor Relations Contact William Blair& Company acted as financial advisor to Verafin in connection with the transaction. This website uses cookies to improve your experience while you navigate through the website. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. To connect multiple page views by a user into a single Clarity session recording. We also use third-party cookies that help us analyze and understand how you use this website. annual recurring revenue growth, or ARR1, within a US$13billion addressable
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