Verafin Inc - Company Profile and News - Bloomberg Markets accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. 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. 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 These cookies ensure basic functionalities and security features of the website, anonymously. 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 2023, Nasdaq, Inc. All Rights Reserved. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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 Copy and paste multiple symbols separated by spaces. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. Verafin | 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. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. At the time, Verafin CEO Jamie King. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. LinkedIn sets the lidc cookie to facilitate data center selection. 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. $('#wpaloginform').submit(function( ) { Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Verafin is the industry leader in 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. measures, including organic revenue growth, non-GAAP EBITDA and ROIC. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. Osler, Hoskin& Harcourt LLP acted as insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. 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. return on invested capital, and IRR objectives. extraordinary growth and stellar client retention. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. 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. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Verafin's. Refer to the non-GAAP information section of this release for a 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. 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. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Here's a list of some of the top trending technologies and APIs used by Verafin. Oil-sands companies had a blockbuster earnings season. This cookie is used to record the user consent for the cookies in the "Advertisement" category. LinkedIn sets this cookie to store performed actions on the website. 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. 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. The agreement to acquire Verafin was announced on November 19, 2020. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. LinkedIn sets the lidc cookie to facilitate data center selection. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and 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. 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. relationships, operating results, and business generally. employment base, Nasdaq will work closely with Memorial University to grow its scholarship program at the University, enhance its co-op programs, and fund and supervise at least six Mitacs fellowships annually Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Verafin - Crunchbase Company Profile & Funding Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin's. 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. 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. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. What industry is the company in? This cookie is used to store the user consent for the cookies in the category "Necessary". This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation 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. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Up to 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. This cookie is used to store the user consent for the cookies in the category "Performance". 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Additional financial terms were not disclosed. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 2023, Nasdaq, Inc. All Rights Reserved. Represents non-GAAP EBITDA margin percentage plus annual growth rate. for Masters and PhD students. 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 Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Verafin has raised a total of $454M in funding over 5 rounds. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. Records the default button state of the corresponding category & the status of CCPA. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Bing Ads sets this cookie to engage with a user that has previously visited the website. 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 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. 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. 18 Hebron Way. Verafins existing executive leadership team will continue to lead the company. Verafin Company Profile | Management and Employees List - Datanyze Financial institutions face significant challenges in detecting and preventing financial crime, and therefore invest significant capital and resources in combatting an ever-increasing threat to the integrity of the global financial system. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. Manage Products and Account Information. 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). Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Document - SEC It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. The acquisition strengthens Nasdaqs This cookie is used by Leadlander. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. 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. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Verafin - CUNA Strategic Services 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. To track previous page view id and url. 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. Excludes the impact of purchase accounting write-down on deferred revenue. Copy and paste multiple symbols separated by spaces. 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 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. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 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. To connect multiple page views by a user into a single Clarity session recording. 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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. 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. We look forward to working with Jamie and the rest of the Verafin team to continue to support their product-innovation led go-to-market strategy that has enabled the Companys explosive growth., Dave Unsworth, General Partner at IVP added, Verafin is in the very early innings of its mission to create the worlds most effective crime fighting network. Get a D&B Hoovers Free Trial. 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. 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 Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. 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. We also use third-party cookies that help us analyze and understand how you use this website. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. You also have the option to opt-out of these cookies. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. LinkedIn sets this cookie to remember a user's language setting. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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. 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. 2020 Annual Report. . Records the default button state of the corresponding category & the status of CCPA. At the time, we were talking. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. } To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics The transaction is subject to regulatory approvals and other customary closing conditions. 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. Sachs& Co. LLC, Morgan Stanley and TD Securities. When used in this communication, words such as intends, plans, 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 Verafin Inc Company Profile | St. John's, NL, Canada | Competitors Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. This website uses cookies to improve your experience while you navigate through the website. 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. 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. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Report Archives - Verafin William Blair& Company acted as financial advisor to Verafin in connection with the transaction. Verafin Logon C$100 million in annual recurring . The cookie is used to analyse the website's visitors and monitor traffic patterns. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. in place and continue to lead the companys growth. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Investors should not rely on any single financial measure when evaluating these businesses. local employment levels to fuel Verafins growth. . Verafin's blockbuster sale: A tech success story, decades in the - CBC Nasdaq Completes Acquisition of Verafin | Nasdaq This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance We also use third-party cookies that help us analyze and understand how you use this website.