2023, Nasdaq, Inc. All Rights Reserved. Verafins existing executive leadership team will continue to lead the company. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Asia Pacific +65 6212 1000. Our diverse offering of data, analytics, software and Ed Ditmire, CFA: +1 212 401 8737ed.ditmire@nasdaq.com, Ryan Wells: +1 646 648 3887 ryan.wells@nasdaq.com, Yan-yan Tong: +46 (0)73 449 66 83yan-yan.tong@nasdaq.com, Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 6591ihamilton@longviewcomms.caAndy Lloyd: +1 416 402 5029alloyd@longviewcomms.ca, Brian Hartlen: +1 709 725 8235brian.hartlen@verafin.com. Verafins research and development. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. But opting out of some of these cookies may have an effect on your browsing experience. To identify unique web browsers visiting Microsoft sites. 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. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. 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. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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. For more information, visit http://www.informationvp.com. 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Type a symbol or company name. 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 Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory 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. 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The cookie is used to analyse the website's visitors and monitor traffic patterns. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Used by Microsoft Advertising as a unique ID for visitors. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. This cookie is used to store the user consent for the cookies in the category "Analytics". 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 By clicking Accept, you consent to the use of ALL the cookies. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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. The cookie is used to analyse the website's visitors and monitor traffic patterns. may be different from non-GAAP measures used by other companies. The equity and debt financing follows a period of sustained and rapid growth at Verafin. 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 2023, Nasdaq, Inc. All Rights Reserved. 2020 Annual Report. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Report incorrect company information. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. This cookie is used to store the user consent for the cookies in the category "Analytics". Verafin respects your LinkedIn sets the lidc cookie to facilitate data center selection. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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; It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Configurable Dashboards Manage and transform your information into key business insights. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain LinkedIn sets this cookie to store performed actions on the website. . Bing Ads sets this cookie to engage with a user that has previously visited the website. and Chief Executive Officer, Nasdaq. 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. Links to the webcast and accompanying LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Additional financial terms were not disclosed. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Scotiabank and BDC Venture Capital are the most recent investors. return on invested capital, and IRR objectives. These symbols will be available throughout the site during your session. 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. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . These symbols will be available throughout the site during your session. Verafin raised a total of $422.2 M in funding over 3 rounds. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. if(!$('#wpaloginform #user_email_username').val()) { 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. Verafin Inc was founded in 2003. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. This cookie is used to record the user consent for the cookies in the "Advertisement" category. The forward-looking statements included in this communication are made only as of the date You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. industry. To connect multiple page views by a user into a single Clarity session recording. investment grade ratings. 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. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, 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. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Copyright 2019, Verafin Solutions ULC All rights reserved. This cookie is used to store the user consent for the cookies in the category "Other". Sign up to receive the latest educational resources about today's financial The 2021 interagency guidance also listed what is not considered a model, such as standalone systems that flag singular transactions over certain dollar thresholds (such as wire transfers or cash activity). for Masters and PhD students. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; Over 2,000 banks and 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". This cookie is to store the resource that was in user's last activity. 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. 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 cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Verafin's. Create your Watchlist to save your favorite quotes on Nasdaq.com. To identify unique web browsers visiting Microsoft sites. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. 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. 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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. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. The pattern element in the name contains the unique identity number of the account or website it relates to. LinkedIn sets the lidc cookie to facilitate data center selection. Used by Microsoft Advertising as a unique ID for visitors. 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. 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. These cookies are used for advertising, site analytics, and other operational purposes. 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. Sachs& Co. LLC, Morgan Stanley and TD Securities. This press release includes certain non-GAAP financial Nasdaqs clear commitments to the Province will help foster prosperity Bing Ads sets this cookie to engage with a user that has previously visited the website. Verafin has enjoyed tremendous growth in recent years, and its long-term vision of fighting financial crime through collaboration and cross-institutional analysis is fast becoming the industry standard for fraud detection and anti-money laundering (AML) regulatory compliance. 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. 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. Founders Brendan Brothers, Jamie King, Raymond Pretty. 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. this transaction. Valuable research and technology reports. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. However you may visit Cookie Settings to provide a controlled consent. But opting out of some of these cookies may have an effect on your browsing experience. These cookies track visitors across websites and collect information to provide customized ads. 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. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Sign up to receive the latest educational resources about today's financial This cookie is used to record the user consent for the cookies in the "Advertisement" category. Verafin Inc. Website. 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. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Verafin is funded by 10 investors. enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. This documentary-style series follows investigative journalists as they uncover the truth. Verafin has raised a total of $454M in funding over 5 rounds. 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. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Microsoft Clarity cookie. 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. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. 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. Blogs. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Quarterly Cloud . The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Canada. Please refer to our, 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. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Quarterly results Annual reports SEC filings Financial strength rating 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 "Necessary". Represents one of the largest ever growth financings of a Canadian software business, Funding will accelerate Verafins product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. This cookie is used to store the user consent for the cookies in the category "Performance". When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. relationships, operating results, and business generally. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. Compare how recession-proof Verafin Usa is relative to the industry overall. The anti-financial-crime sector is a US$12.5-billion industry expected to see a compound annual growth rate of about 17 per cent from now until 2024, according to the investor report. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Manage Products and Account Information. This cookie is to record user's consent for the cookies in the category "Functional". We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. The pattern element in the name contains the unique identity number of the account or website it relates to. industry. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Copy and paste multiple symbols separated by spaces. This cookie is used to store the user consent for the cookies in the category "Performance". Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Verafin is a company that provides financial crime management solutions. 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. 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.
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