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with U.S. GAAP. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. Configurable Dashboards Manage and transform your information into key business insights. We also use third-party cookies that help us analyze and understand how you use this website. Great journalism delivered straight to your inbox. 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. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. You also have the option to opt-out of these cookies. 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 . Verafins comprehensive suite of anti-financial crime management products with Nasdaqs reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that market. Additionally, we are committed to 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. Quarterly results Annual reports SEC filings Financial strength rating Copy and paste multiple symbols separated by spaces. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures 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. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Nasdaqs investment will help Verafin expand its 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Verafin Inc. Website. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! To identify unique web browsers visiting Microsoft sites. . These cookies will be stored in your browser only with your consent. leading trade and market surveillance solution, will empower Nasdaq to play an increasingly important role in building stronger economies around the world, said Adena Friedman, President Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis to show you truly unusual activity with a single alert, saving you time and providing you with the information you need to decide how to proceed. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The cookie is a session cookie and is deleted when all the browser windows are closed. Subscribe now to start reading premium, award-winning journalism. It is expected to close in the first quarter of 2021. This cookie is used to store the user consent for the cookies in the category "Analytics". Stores the Clarity User ID and preferences, unique to that site, on the browser. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . The acquisition strengthens Nasdaqs Bloomberg Anywhere Remote Login. 7819, Media, Analysts and General Contact 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. The cookie is a session cookie and is deleted when all the browser windows are closed. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. These cookies will be stored in your browser only with your consent. 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 LinkedIn sets this cookie for LinkedIn Ads ID syncing. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. 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 Microsoft Clarity cookie. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or 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. Verafin Financial Crime Management Jack Henry. 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. This cookie is used to store the user consent for the cookies in the category "Other". Copyright 2019, Verafin Solutions ULC All rights reserved. Get a D&B Hoovers Free Trial. comparative measure. To this end, Nasdaq 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. Nasdaqs and Analytical cookies are used to understand how visitors interact with the website. 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. Over 2,000 banks and These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. We also use third-party cookies that help us analyze and understand how you use this website. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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 respects your Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? 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. This cookie is used to store the user consent for the cookies in the category "Performance". This cookie is used by Leadlander. On Thursday, November19, 2020 at 8:00 a.m. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 2023, Nasdaq, Inc. All Rights Reserved. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. . 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. relationships, operating results, and business generally. industry. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Here's a list of some of the top trending technologies and APIs used by Verafin. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Quarterly Cloud . Report incorrect company information. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. teamwork, entrepreneurship, and a commitment to continued growth and development. This combination meaningfully accelerates the evolution of our business mix toward highly Longview Communications& Public Affairs (Canada). LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. Type a symbol or company name. C$100 million in annual recurring . Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, This cookie is used to store the user consent for the cookies in the category "Necessary". credit unions use Verafin to effectively fight financial crime and comply with regulations. This cookie is to record user's consent for the cookies in the category "Functional". 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 . 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. 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. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Investigator for anti-money laundering (AML). 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. well as future charges or reversals outside of the normal course of business. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase The pattern element in the name contains the unique identity number of the account or website it relates to. 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. 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. }); 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. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Corporate and Investor Relations Contact Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. LinkedIn sets the lidc cookie to facilitate data center selection. Forward-looking statements You also have the option to opt-out of these cookies. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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.. LinkedIn sets the lidc cookie to facilitate data center selection. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Scotiabank and BDC Venture Capital are the most recent investors. Please refer to our, 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. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. We also use third-party cookies that help us analyze and understand how you use this website. 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. Used by Microsoft Advertising as a unique ID for visitors. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Award-Winning Sales Intel. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. session and campaign data and also keeps track of site usage for the site's analytics report. Verafin respects your Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). return on invested capital, and IRR objectives. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Nasdaq intends to finance the displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. 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; Software Updates. 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. But opting out of some of these cookies may have an effect on your browsing experience. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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 used to store user's information to prepopulate the forms and track user's site usage. Verafin Cookie. Manage Products and Account Information. 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. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. This website uses cookies to improve your experience while you navigate through the website. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients.