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 To connect multiple page views by a user into a single Clarity session recording. Longview Communications& Public Affairs (Canada). Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? Verafin Company Profile | Management and Employees List - Datanyze Verafin Financial Crime Management Jack Henry. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. By clicking Accept, you consent to the use of ALL the cookies. session and campaign data and also keeps track of site usage for the site's analytics report. Legal Name Verafin Inc. Company Type For Profit. Articles, Webinars, White Papers and more. Together with Nasdaq, we will be a clear leader in expanding the fight against illicit finance by delivering our capabilities to a global client base from our This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance Microsoft Clarity cookie. 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 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.. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. this transaction. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . 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. 2021 Proxy Statement. Asia Pacific +65 6212 1000. This cookie is used to store the user consent for the cookies in the category "Other". will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Sales bookings and deal size at the company each grew by. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. 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. 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; 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the operate, and combatting financial crime is central to achieving our goals. 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. At the time, we were talking. 2020 Annual Report. ARR for a given period is the annualized revenue of active contracts. 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. 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 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. 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 . Bing Ads sets this cookie to engage with a user that has previously visited the website. 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. 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. You can withdraw your consent at anytime. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. Documents from Prior Periods. 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. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. 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. scalable, subscription revenue.. This cookie is to store the resource that was in user's last activity. This cookie is used to store the user consent for the cookies in the category "Other". 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. This financing round with our long-term partners Spectrum Equity and IVP allows Verafin to accelerate our investments in product innovation and customer success, and continue our progress in market penetration of larger financial institutions, said Jamie King, CEO of Verafin. 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. Investors should not rely on any single financial measure when evaluating these businesses. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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 | Nasdaq 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. privacy. Copyright 2019, Verafin Solutions ULC All rights reserved. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, Configurable Dashboards Manage and transform your information into key business insights. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those 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. 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. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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. These cookies will be stored in your browser only with your consent. LinkedIn sets this cookie to store performed actions on the website. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. may be different from non-GAAP measures used by other companies. supporting innovation and growth in St. Johns and Newfoundland and Labrador. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. discussion of this and other non-GAAP measures. Stores the Clarity User ID and preferences, unique to that site, on the browser. This cookie is used to store the user consent for the cookies in the category "Performance". The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. These symbols will be available throughout the site during your session. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a But opting out of some of these cookies may have an effect on your browsing experience. 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. To connect multiple page views by a user into a single Clarity session recording. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Blogs. This press release includes certain non-GAAP financial Founders Brendan Brothers, Jamie King, Raymond Pretty. Bing Ads sets this cookie to engage with a user that has previously visited the website. 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. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. LinkedIn sets this cookie to remember a user's language setting. industry. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. will increase Verafins level of charitable giving as the company continues to grow. 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. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. well as future charges or reversals outside of the normal course of business. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Nasdaqs global reach combined with Verafins powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. LinkedIn sets the lidc cookie to facilitate data center selection. Necessary cookies are absolutely essential for the website to function properly. Articles, Webinars, White Papers and more. if(!$('#wpaloginform #user_email_username').val()) { Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! 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. 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