You also have the option to opt-out of these cookies. Up to Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Ed Ditmire, CFA: +1 212 401 [email protected], Ryan Wells: +1 646 648 3887 [email protected], Yan-yan Tong: +46 (0)73 449 66 [email protected], Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 [email protected] Lloyd: +1 416 402 [email protected], Brian Hartlen: +1 709 725 [email protected]. Spectrum Equity, This cookie is to record user's consent for the cookies in the category "Functional". Tel. Nasdaq and Verafin believe that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Verafins financial condition and results of operations. Verafin Cookie. 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. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. market. 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. As a result, Nasdaq is raising its Market displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Scotiabank and BDC Venture Capital are the most recent investors. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. 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. 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. 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. On Thursday, November19, 2020 at 8:00 a.m. 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. These cookies will be stored in your browser only with your consent. Verafin respects your The pattern element in the name contains the unique identity number of the account or website it relates to. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Nov 25, 2022. This cookie is used to store the user consent for the cookies in the category "Necessary". Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Additionally, we are committed to When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The Verafin deal was announced almost 10 years to the day after Danny Williams called everyone into a St. John's hotel room to unveil the Muskrat Falls megaproject. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. The forward-looking statements included in this communication are made only as of the date hereof. Compare how recession-proof Verafin Usa is relative to the industry overall. Corporate and Investor Relations Contact Links to the webcast and accompanying Verafin's. Investors should not rely on any single financial measure when evaluating these businesses. 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 cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. . Investigator for anti-money laundering (AML). 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. hereof. Verafin is a company that provides financial crime management solutions. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Necessary cookies are absolutely essential for the website to function properly. These symbols will be available throughout the site during your session. 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. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. industry. Microsoft Clarity cookie. To identify unique web browsers visiting Microsoft sites. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive Type a symbol or company name. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. Learn More About CTRs > Learn More About SARs > Integrated Case Management. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Robert WEBB, [email protected] 709.752.3050 ext. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Quarterly Cloud . 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. For more information, visit http://www.informationvp.com. This cookie is to store the resource that was in user's last activity. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. 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. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics making it more difficult to maintain business and operational relationships; risks related to diverting managements attention from Nasdaqs ongoing business operations; the negative effects of the announcement or the consummation of the Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. This cookie is used to record the user consent for the cookies in the "Advertisement" category. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Get a D&B Hoovers Free Trial. Visitwww.verafin.com, [email protected] call 866.781.8433. These cookies ensure basic functionalities and security features of the website, anonymously. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry 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. ARR does not have any standardized This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Here's a list of some of the top trending technologies and APIs used by Verafin. It is expected to close in the first quarter of 2021. Software Updates. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. 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. ARR for a given period is the annualized revenue of active contracts. 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. Verafin Cookie. However you may visit Cookie Settings to provide a controlled consent. scalable, subscription revenue.. To identify unique web browsers visiting Microsoft sites. 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 Industry trends & hot topics delivered to your inbox. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Nasdaq intends to finance the EMEA +44 20 7330 7500. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Over 2,000 banks and accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Verafins existing executive leadership team will continue to lead the company. 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 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. Verafin respects your 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Stores the Clarity User ID and preferences, unique to that site, on the browser. Records the default button state of the corresponding category & the status of CCPA. $=jQuery; 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 2021 Proxy Statement. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. What will they do with all the cash? 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). LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. We also use third-party cookies that help us analyze and understand how you use this website. }); 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. Refer to the non-GAAP information section of this release for a Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. documents will be available at the companys Investor Relations website, http://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. These cookies track visitors across websites and collect information to provide customized ads. At the time, we were talking. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Represents revenues less transaction-based expenses. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). and infrastructure provider. LinkedIn sets this cookie to store performed actions on the website. Get a D&B Hoovers Free Trial. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. 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. "Bloomberg Opinion" columnists offer their opinions on issues in the news. LinkedIn sets the lidc cookie to facilitate data center selection. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. These measures are not in accordance with, or an alternative to, U.S. GAAP, and 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. This website uses cookies to improve your experience while you navigate through the website. Subscribe now to start reading premium, award-winning journalism. In order to foster the next generation of talent in the province and help support Verafins growing 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. local employment levels to fuel Verafins growth. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. We also use third-party cookies that help us analyze and understand how you use this website. This cookie is used to store the user consent for the cookies in the category "Analytics". Nasdaq intends to pursue its the last three years. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. accounting write-down on deferred revenue is excluded in these measures. 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; Visitwww.verafin.com, [email protected] call 866.781.8433. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, These cookies are used for advertising, site analytics, and other operational purposes. 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. 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. strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. This website uses cookies to improve your experience while you navigate through the website. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. Analytical cookies are used to understand how visitors interact with the website. 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. www.sec.gov. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 2023, Nasdaq, Inc. All Rights Reserved. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Sachs& Co. LLC, Morgan Stanley and TD Securities. this transaction. 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. return on invested capital, and IRR objectives. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? This website uses cookies to improve your experience while you navigate through the website. 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 READ MORE It works only in coordination with the primary cookie. Combines Nasdaqs global reach and established regulatory technology leadership with. However you may visit Cookie Settings to provide a controlled consent. ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. existing capital deployment plan, including dividend payments and share repurchases, consistent with past practice, and expects to de-lever over time to return to a leverage ratio consistent with its current 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. Contact Email [email protected]. To track previous page view id and url. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . 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. 2023, Nasdaq, Inc. All Rights Reserved. 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 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 We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. expectations with respect to Verafins business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. Records the default button state of the corresponding category & the status of CCPA. 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. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. This cookie is to store the resource that was in user's last activity. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. C$100 million in annual recurring . 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. By clicking Accept, you consent to the use of ALL the cookies. 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 These cookies will be stored in your browser only with your consent. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. But opting out of some of these cookies may have an effect on your browsing experience. To connect multiple page views by a user into a single Clarity session recording. Report incorrect company information. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. . 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. This cookie is used by Leadlander. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. This cookie is used to store the user consent for the cookies in the category "Analytics". Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. But opting out of some of these cookies may have an effect on your browsing experience. 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This cookie is used to store the user consent for the cookies in the category "Necessary". 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. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. LinkedIn sets this cookie to remember a user's language setting. This cookie is used to store the referral link when a user initially discovers on Verafins website. Sales bookings and deal size at the company each grew by. Necessary cookies are absolutely essential for the website to function properly. investment grade ratings. LinkedIn sets the lidc cookie to facilitate data center selection. 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. This cookie is to record user's consent for the cookies in the category "Functional". Necessary cookies are absolutely essential for the website to function properly. The forward-looking statements included in this communication are made only as of the date William Blair& Company acted as financial advisor to Verafin in connection with the transaction. You also have the option to opt-out of these cookies. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Manage Products and Account Information. Verafin is the industry leader in Verafins innovative fraud and AML detection platform, combined with Nasdaqs. 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. 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 . Verafin Inc. Website.