Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Verafin is a company that provides financial crime management solutions. Nasdaqs investment will help Verafin expand its 2023, Nasdaq, Inc. All Rights Reserved. It works only in coordination with the primary cookie. annual recurring revenue growth, or ARR1, within a US$13billion addressable Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads, according to the user profile. The cookie is a session cookie and is deleted when all the browser windows are closed. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Articles, Webinars, White Papers and more. 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. Forward-looking statements Brian HARTLEN, [email protected] 709.725.8235, Internet Explorer presents a security risk. Verafin's. 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; LinkedIn sets this cookie for LinkedIn Ads ID syncing. The Logic 2023 The Logic Inc. All Rights Reserved. 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. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Analytical cookies are used to understand how visitors interact with the website. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. Get a D&B Hoovers Free Trial. This combination meaningfully accelerates the evolution of our business mix toward highly 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. 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. Document - SEC Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy Manage Products and Account Information. These cookies are used for advertising, site analytics, and other operational purposes. 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 This cookie is used to store the referral link when a user initially discovers on Verafins website. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Chris Mitchell, Managing Director at Spectrum Equity said, We are thrilled to be renewing our partnership with Verafin via this new investment to support its next phase of growth. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys 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 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. 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. 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. Articles, Webinars, White Papers and more. LinkedIn sets the lidc cookie to facilitate data center selection. 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. 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. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. 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. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads, according to the user profile. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Sales bookings and deal size at the company each grew by. But opting out of some of these cookies may have an effect on your browsing experience. The acquisition strengthens Nasdaqs Verafin respects your The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Verafin Cookie. 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 ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of 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. 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. 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 Software Updates. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Report Archives - Verafin comparative measure. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. hereof. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. Visit www.verafin.com, email [email protected] or call 1.877.368.9986. Necessary cookies are absolutely essential for the website to function properly. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. In order to foster the next generation of talent in the province and help support Verafins growing with U.S. GAAP. 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. existing regulatory technology and anti-financial crime solutions, which include its renowned Nasdaq Trade and Market Surveillance offering, its Buy-side Compliance product, as well as the Nasdaq Automated 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 Necessary cookies are absolutely essential for the website to function properly. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Operating Status Active. Verafin's quiet, huge success: Canada's largest venture funding deal Verafin - CUNA Strategic Services Connect with us on Social or feel free to contact us with any inquiries. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. 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. Osler, Hoskin& Harcourt LLP acted as 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 . 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. Verafins existing executive leadership team will continue to lead the company. Form 10-K | Investor.gov Verafin Inc. Website. 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. Additional financial terms were not disclosed. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Corporate and Investor Relations Contact The equity and debt financing follows a period of sustained and rapid growth at Verafin. Verafins research and development. investment grade ratings. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in line with the true risk the customer poses to the institution. Represents non-GAAP EBITDA margin percentage plus annual growth rate. To connect multiple page views by a user into a single Clarity session recording. The forward-looking statements included in this communication are made only as of the date 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. 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. We also use third-party cookies that help us analyze and understand how you use this website. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. Investors should not rely on any single financial measure when evaluating these businesses. These symbols will be available throughout the site during your session. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Learn More About CTRs > Learn More About SARs > Integrated Case Management. 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. 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 accounting write-down on deferred revenue is excluded in these measures. 2020 Annual Report. The forward-looking statements included in this communication are made only as of the date hereof. 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. To identify unique web browsers visiting Microsoft sites. This cookie is used to store the user consent for the cookies in the category "Performance". The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. $=jQuery; We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Verafin Company Profile | Management and Employees List - Datanyze To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. These cookies track visitors across websites and collect information to provide customized ads. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. The agreement to acquire Verafin was announced on November 19, 2020. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads, according to the user profile. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Canada. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. industry. 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. 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. 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. 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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