Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. 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. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Do Not Sell My Personal Information (CA Residents Only). Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. Verafins legal advisor. Phone Number 877.368.9986. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. To this end, Nasdaq $('#wpaloginform').submit(function( ) { VERAFIN - Massachusetts Bankers Association Home These cookies ensure basic functionalities and security features of the website, anonymously. Verafin is the 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 . Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase But opting out of some of these cookies may have an effect on your browsing experience. }); 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. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. Type a symbol or company name. This website uses cookies to improve your experience while you navigate through the website. 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. Driving the market is an uptick . Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 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 recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 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. Verafins results will be reported within Nasdaqs Market Technology segment. 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. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. 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's. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . measures, including organic revenue growth, non-GAAP EBITDA and ROIC. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Nasdaq 4Q21 Quarterly Update 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. In order to foster the next generation of talent in the province and help support Verafins growing 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.. Last Funding Type Private Equity. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Report incorrect company information. Corporate and Investor Relations Contact Create your Watchlist to save your favorite quotes on Nasdaq.com. Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. Here's a list of some of the top trending technologies and APIs used by Verafin. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Excludes the impact of purchase accounting write-down on deferred revenue. The forward-looking statements included in this communication are made only as of the date hereof. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Americas +1 212 318 2000. Nasdaq Completes Acquisition of Verafin | Nasdaq, Inc. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. The pattern element in the name contains the unique identity number of the account or website it relates to. Annual Report on Verafin Usa's Revenue, Growth, SWOT Analysis 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on 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. + Go To Resource Used by Microsoft Advertising as a unique ID for visitors. 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. 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. The forward-looking statements included in this communication are made only as of the date Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. The agreement to acquire Verafin was announced on November 19, 2020. 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. 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. alert("Please enter your email address"); This cookie is used by Leadlander. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. The forward-looking statements included in this communication are made only as of the date hereof. LinkedIn sets this cookie to store performed actions on the website. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. The transaction accelerates Nasdaq's ongoing . The equity and debt financing follows a period of sustained and rapid growth at Verafin. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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 Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. We also use third-party cookies that help us analyze and understand how you use this 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. Verafin Inc was founded in 2003. benefits from the proposed 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 Verafin - Crunchbase Company Profile & Funding St. John's, NL A1A 0L9. The Logic 2023 The Logic Inc. All Rights Reserved. Canada. Osler, Hoskin& Harcourt LLP acted as This cookie is used to store the referral link when a user initially discovers on Verafins website. To identify unique web browsers visiting Microsoft sites. To track previous page view id and url. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Investigator for anti-money laundering (AML). Nasdaqs and Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Visit www.verafin.com, email info@verafin.com or call 866.781.8433. On Thursday, November19, 2020 at 8:00 a.m. 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. 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. Fact Sheet Archives - Verafin 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. 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. Verafin Inc. Website. It is expected to close in the first quarter of 2021. Nasdaq also received financial advice from BofA Securities, Goldman Tel. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. This cookie is used to store the user consent for the cookies in the category "Analytics". Get a D&B Hoovers Free Trial. 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. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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. As potential liability shifts loom with possible implications for wire payments, As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer Fraudsters are uncompromising, often targeting seniors with cruel elder financial abuse tactics from romance and investment scams. Asia Pacific +65 6212 1000. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. Longview Communications& Public Affairs (Canada). . ARR for a given period is the annualized revenue of active contracts. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Copy and paste multiple symbols separated by spaces. Houlihan Lokey served as the financial advisor to Verafin. These symbols will be available throughout the site during your session. Verafin Company Profile - Office Locations, Competitors, Financials 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. These cookies are used for advertising, site analytics, and other operational purposes. For more information, visit http://www.informationvp.com. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Documents from Prior Periods. 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. Verafin Cookie. The agreement will combine Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. This cookie is used to store the user consent for the cookies in the category "Necessary". Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. accounting write-down on deferred revenue is excluded in these measures. credit unions use Verafin to effectively fight financial crime and comply with regulations. Investors should not rely on any single financial measure when evaluating these businesses. Sign up to receive the latest educational resources about today's financial What will they do with all the cash? Articles, Webinars, White Papers and more. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Type a symbol or company name. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial Verafin's quiet, huge success: Canada's largest venture funding deal When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Award-Winning Sales Intel. This cookie is used to store the referral link when a user initially discovers on Verafins website. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. Sign up to receive the latest educational resources about today's financial This cookie is used by Leadlander. 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. 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.. The cookie is a session cookie and is deleted when all the browser windows are closed. 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 to store the resource that was in user's last activity. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. teamwork, entrepreneurship, and a commitment to continued growth and development. 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.. Contact Email info@verafin.com. Copyright 2019, Verafin Solutions ULC All rights reserved. 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 press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. This website uses cookies to improve your experience while you navigate through the website. Legal Name Verafin Inc. Company Type For Profit. Verafin respects your You can withdraw your consent at any time. 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. 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. Microsoft Clarity cookie. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Verafin Cookie. Verafin raised a total of $422.2 M in funding over 3 rounds. 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 By clicking Accept, you consent to the use of ALL the cookies. The cookie is used to store if a user has or has not consented to the use of cookies. Verafin: Financial Crime Management Solutions for Financial Institutions 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. 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Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. Labrador and an economic leader in St. Johns. This press release includes certain non-GAAP financial The cookie is used to analyse the website's visitors and monitor traffic patterns. St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. At the time, we were talking. privacy. Links to the webcast and accompanying Connect with us on Social or feel free to contact us with any inquiries. 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.