In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Verafin Financial Crime Management Jack Henry. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Please refer to our, The proposed deal comes just over a year after Verafin clocked the biggest venture funding round in Canadian history: a $515-million equity and debt recapitalization deal to help build out its product innovation and land bigger clients in the banking sector. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. Verafins research and development. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. Necessary cookies are absolutely essential for the website to function properly. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. if(!$('#wpaloginform #user_email_username').val()) { To connect multiple page views by a user into a single Clarity session recording. The transaction is subject to regulatory approvals and other customary closing conditions. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Sachs& Co. LLC, Morgan Stanley and TD Securities. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. You can withdraw your consent at anytime. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or This cookie is used to store the user consent for the cookies in the category "Necessary". 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. 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. Get a D&B Hoovers Free Trial. session and campaign data and also keeps track of site usage for the site's analytics report. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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 a session cookie and is deleted when all the browser windows are closed. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. alert("Please enter your email address"); The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. You can withdraw your consent at any time. LinkedIn sets the lidc cookie to facilitate data center selection. 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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 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. 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. Verafins existing executive leadership team will continue to lead the company. privacy. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Contact Email info@verafin.com. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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 cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. Bing Ads sets this cookie to engage with a user that has previously visited the website. teamwork, entrepreneurship, and a commitment to continued growth and development. relationships, operating results, and business generally. But opting out of some of these cookies may have an effect on your browsing experience. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain The cookie is used to analyse the website's visitors and monitor traffic patterns. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. We also use third-party cookies that help us analyze and understand how you use this website. Tel. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. Manage Products and Account Information. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. 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 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. This cookie is to record user's consent for the cookies in the category "Functional". 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). Articles, Webinars, White Papers and more. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. 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,. Americas +1 212 318 2000. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? Verafins existing executive leadership team will continue to lead the company. The pattern element in the name contains the unique identity number of the account or website it relates to. The acquisition of Verafin is also expected to . Microsoft Clarity cookie. 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 scalable, subscription revenue.. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry LinkedIn sets this cookie to store performed actions on the website. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Nasdaqs ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. Necessary cookies are absolutely essential for the website to function properly. 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 with U.S. GAAP. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Interagency statement clarifies model validation expectations Copy and paste multiple symbols separated by spaces. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This cookie is used to store the referral link when a user initially discovers on Verafins website. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. These cookies track visitors across websites and collect information to provide customized ads. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. 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. Verafins managements use certain of these non-GAAP measures to compare Nasdaqs and Verafins performance to that of prior periods for trend analyses and for budgeting and planning purposes. C$100 million in annual recurring . These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. a leading growth equity investor based in Boston and San Francisco, and Information Venture Partners, a leading FinTech-focused venture capital firm based in Toronto, both significant investors in Verafin, have agreed to sell their stake as part of This cookie is used to store the user consent for the cookies in the category "Performance". 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. 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. 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; Verafin Inc. Website. To connect multiple page views by a user into a single Clarity session recording. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. This investment by Nasdaq, a global 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. This cookie is to record user's consent for the cookies in the category "Functional". Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. 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. SaaS companies. 7819, Media, Analysts and General Contact These cookies will be stored in your browser only with your consent. Verafin - CUNA Strategic Services 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. 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Operating Status Active. When used in this communication, words such as intends, plans, 2023, Nasdaq, Inc. All Rights Reserved. The forward-looking statements included in this communication are made only as of the date 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 . Verafin Inc - Company Profile and News - Bloomberg Markets Phone Number 877.368.9986. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase LinkedIn sets this cookie to store performed actions on the website. 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