READ MORE NEW YORK and ST. JOHN'S, 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.The agreement to acquire Verafin was announced on November 19, 2020.. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive Blogs. 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 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. These cookies ensure basic functionalities and security features of the website, anonymously. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Excludes the impact of purchase accounting write-down on deferred revenue. Phone Number 877.368.9986. 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. hereof. 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. 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. 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. This press release includes certain non-GAAP financial This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. 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. 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. 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. 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. You can withdraw your consent at anytime. 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. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys 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. 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 is the industry leader in Sachs& Co. LLC, Morgan Stanley and TD Securities. Used by Microsoft Advertising as a unique ID for visitors. 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. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. + Go To Resource 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. 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 Microsoft Clarity cookie. Subscribe now to start reading premium, award-winning journalism. } 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. Longview Communications& Public Affairs (Canada). This cookie is used to record the user consent for the cookies in the "Advertisement" category. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. See the bigger picture with reporters and industry experts in subscriber-exclusive events. 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. This documentary-style series follows investigative journalists as they uncover the truth. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . comparative measure. 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. LinkedIn sets this cookie to remember a user's language setting. 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. 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. Verafin Cookie. These measures are not in accordance with, or an alternative to, U.S. GAAP, and Nasdaqs global reach combined with Verafins powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Copyright 2019, Verafin Solutions ULC All rights reserved. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Type a symbol or company name. 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. and infrastructure provider. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that These cookies track visitors across websites and collect information to provide customized ads. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. These cookies ensure basic functionalities and security features of the website, anonymously. Verafins existing executive leadership team will continue to lead the company. Americas +1 212 318 2000. 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 18 Hebron Way. 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. 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. Londons Investment Appeal Is Unraveling as Arm Heads to the US, Climate Change Is Launching a MutantSeed Space Race, British Parents Turn to Home Equity to Help Young Buy Property, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Russia Is Getting Round Sanctions to Secure Supply of Key Chips for Ukraine War, Philippine governor killed by gunmen while meeting villagers, An Emboldened Rishi Sunak Gets Ready to Fight His Own Party Over Taxes, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Matt HancockWhatsApp LeakExposes theNeed for Covid Justice, Brexit Might Have Been Prevented With Deals Like This, Video Roundup: Opinions Must-See Footage of the Week, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, What Do You Want to See in a Covid Memorial? LinkedIn sets this cookie to remember a user's language setting. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. This cookie is to store the resource that was in user's last activity. This cookie is used to record the user consent for the cookies in the "Advertisement" category. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. To connect multiple page views by a user into a single Clarity session recording. Compare how recession-proof Verafin Usa is relative to the industry overall. 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 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. market. 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. LinkedIn sets this cookie to remember a user's language setting. On Thursday, November19, 2020 at 8:00 a.m. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. 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. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Sign up to receive the latest educational resources about today's financial We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. LinkedIn sets this cookie to store performed actions on the website. demands innovative action. 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 the user consent for the cookies in the category "Analytics". For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Nasdaqs global reach combined with Verafins powerful analytics, robust data insights, and innovative investigation tools, will create a next generation suite of solutions to fight financial crime and promote integrity throughout the financial ecosystem. Articles, Webinars, White Papers and more. 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. However you may visit Cookie Settings to provide a controlled consent. Bing Ads sets this cookie to engage with a user that has previously visited the website. These cookies track visitors across websites and collect information to provide customized ads. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It works only in coordination with the primary cookie. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Oil-sands companies had a blockbuster earnings season. But opting out of some of these cookies may have an effect on your browsing experience. 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 alert("Please enter your email address"); These symbols will be available throughout the site during your session. Operating Status Active. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. Verafins legal advisor. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. When used in this communication, words such as intends, plans, This cookie is used to store the user consent for the cookies in the category "Performance". $=jQuery; Verafins innovative anti-money laundering and fraud platform and client breadth. This cookie is to record user's consent for the cookies in the category "Functional". The transaction is subject to regulatory approvals and other customary closing conditions. Report Quarterly Cloud Insights Q1 2022 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 . 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. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. Verafin Cookie. Necessary cookies are absolutely essential for the website to function properly. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. 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 The pattern element in the name contains the unique identity number of the account or website it relates to. the last three years. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, 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. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Articles, Webinars, White Papers and more. This cookie is used to store the user consent for the cookies in the category "Analytics". Verafin expects to deliver in excess of US$140 million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. Nasdaqs investment will help Verafin expand its To identify unique web browsers visiting Microsoft sites. SaaS companies. Combines Nasdaqs global reach and established regulatory technology leadership with. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. 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. ET, Nasdaq will host a webcast presentation to discuss the transaction. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Represents non-GAAP EBITDA margin percentage plus annual growth rate. You also have the option to opt-out of these cookies. However you may visit Cookie Settings to provide a controlled consent. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . As a result, Nasdaq is raising its Market LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. These symbols will be available throughout the site during your session. This cookie is used to store the referral link when a user initially discovers on Verafins website. Necessary cookies are absolutely essential for the website to function properly. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory 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 It works only in coordination with the primary cookie. These cookies ensure basic functionalities and security features of the website, anonymously. 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 Type a symbol or company name. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Type a symbol or company name. privacy. Connect with us on Social or feel free to contact us with any inquiries. 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Verafin has grown at a compound annual revenue growth rate of approximately 30% over To track previous page view id and url. To connect multiple page views by a user into a single Clarity session recording. Verafin is a company that provides financial crime management solutions. discussion of this and other non-GAAP measures. This cookie is used to store the user consent for the cookies in the category "Other". These cookies will be stored in your browser only with your consent. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. The equity and debt financing follows a period of sustained and rapid growth at Verafin. 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, 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. The pattern element in the name contains the unique identity number of the account or website it relates to. We also use third-party cookies that help us analyze and understand how you use this website. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. To track previous page view id and url. Verafin respects your 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. What industry is the company in? alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. This cookie is used to store the user consent for the cookies in the category "Necessary". Stores the Clarity User ID and preferences, unique to that site, on the browser. You also have the option to opt-out of these cookies. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Tel. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. LinkedIn sets the lidc cookie to facilitate data center selection. Verafins research and development. It works only in coordination with the primary cookie.