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.. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Configurable Dashboards Manage and transform your information into key business insights. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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; Interagency statement clarifies model validation expectations This cookie is to store the resource that was in user's last activity. 2021 Proxy Statement. To track previous page view id and url. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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 Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Verafins existing executive leadership team will continue to lead the company. Scotiabank and BDC Venture Capital are the most recent investors. The transaction is subject to regulatory approvals and other customary closing conditions. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Verafin has industry endorsements in 47 states, including the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and Credit Union National Association Strategic Services. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a industry. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. extraordinary growth and stellar client retention. Manage Products and Account Information. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. 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. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. 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. Ex-99.1 These cookies will be stored in your browser only with your consent. } Copyright 2019, Verafin Solutions ULC All rights reserved. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. discussion of this and other non-GAAP measures. But opting out of some of these cookies may have an effect on your browsing experience. session and campaign data and also keeps track of site usage for the site's analytics report. will increase Verafins level of charitable giving as the company continues to grow. Verafin is funded by 10 investors. Financials | Markel Corp. Records the default button state of the corresponding category & the status of CCPA. in place and continue to lead the companys growth. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. This cookie is to record user's consent for the cookies in the category "Functional". 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. 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. See the bigger picture with reporters and industry experts in subscriber-exclusive events. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. Additionally, we are committed to LinkedIn sets this cookie to store performed actions on the website. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. LinkedIn sets this cookie to remember a user's language setting. 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 . 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. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that 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. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and This cookie is used to store the user consent for the cookies in the category "Analytics". By clicking Accept, you consent to the use of ALL the cookies. 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. scalable, subscription revenue.. 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. Nov 25, 2022. 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. To connect multiple page views by a user into a single Clarity session recording. 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. These cookies are used for advertising, site analytics, and other operational purposes. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance well as future charges or reversals outside of the normal course of business. Bloomberg Anywhere Remote Login. On Thursday, November19, 2020 at 8:00 a.m. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Refer to the non-GAAP information section of this release for a 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. SaaS companies. 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 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 This cookie is to store the resource that was in user's last activity. 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 press release includes certain non-GAAP financial Nasdaq Completes Acquisition of Verafin | Nasdaq, Inc. 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 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Verafin - Crunchbase Company Profile & Funding Report incorrect company information. Verafin Logon Tel. This cookie is used to store the user consent for the cookies in the category "Performance". To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Forward-looking statements Automation and vendor solutions, a US$13billion The equity and debt financing follows a period of sustained and rapid growth at Verafin. 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Read our 2022Proxy Statement and Form 10-K. 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. Necessary cookies are absolutely essential for the website to function properly. Verafin Inc was founded in 2003. This cookie is used by Leadlander. 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. This cookie is used by Leadlander. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M These cookies ensure basic functionalities and security features of the website, anonymously. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. This cookie is used to store the referral link when a user initially discovers on Verafins website. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those "Bloomberg Opinion" columnists offer their opinions on issues in the news. 1.866.781.8433. Sign up to receive the latest educational resources about today's financial LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. industry. These cookies track visitors across websites and collect information to provide customized ads. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. Oil-sands companies had a blockbuster earnings season. When used in this communication, words such as intends, plans, Quarterly results Annual reports SEC filings Financial strength rating The agreement to acquire Verafin was announced on November 19, 2020. Verafins research and development. Nasdaq Completes Acquisition of Verafin | Nasdaq You also have the option to opt-out of these cookies. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Get a D&B Hoovers Free Trial. 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 The cookie is used to store if a user has or has not consented to the use of cookies. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. 18 Hebron Way. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by customers. 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. the last three years. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Sign up to receive the latest educational resources about today's financial local employment levels to fuel Verafins growth. Sign up to receive the latest educational resources about today's financial When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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 These cookies are used for advertising, site analytics, and other operational purposes. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. This cookie is used to store the user consent for the cookies in the category "Analytics". Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory C$100 million in annual recurring . Investors should not rely on any single financial measure when evaluating these businesses. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Form 10-K | Investor.gov LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. 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 . 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. 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. Corporate and Investor Relations Contact We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. READ MORE Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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. 2020 Annual Report. industry. relationships, operating results, and business generally. 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. 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. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . As a Nasdaq company, Verafin extends its capabilities to service a global ecosystem of Tier-1 and Tier-2 banks, as well as regulatory authorities and consortium initiatives. Our diverse offering of data, analytics, software and Used by Microsoft Advertising as a unique ID for visitors. alert("Please enter your email address"); Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 2023, Nasdaq, Inc. All Rights Reserved. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin - Funding, Financials, Valuation & Investors Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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. strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. 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. hub. Nasdaq intends to finance the 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. + Go To Resource Valuable research and technology reports. 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). In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. At the time, we were talking. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Articles, Webinars, White Papers and more. Combines Nasdaqs global reach and established regulatory technology leadership with. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Links to the webcast and accompanying To identify unique web browsers visiting Microsoft sites. 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 Verafin now offers an all-in-one Anti-Financial Crime Platform for, Automating for Efficiency in your BSA/AML and Fraud Program, Navigating the Rising Challenge of Human Trafficking, Financial Crime Management for Credit Unions, Quarterly Cloud Insights Uncovered Q1 2023, Verafin Financial Crime Management iCore360. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Verafin expects to deliver in excess of US$140 million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The cookie is a session cookie and is deleted when all the browser windows are closed. if(!$('#wpaloginform #user_email_username').val()) { 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Verafin Completes C$515 Million Equity and Debt Recapitalization Contact Email info@verafin.com. Compare how recession-proof Verafin Usa is relative to the industry overall. Microsoft Clarity cookie. return on invested capital, and IRR objectives. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. 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 "Performance". Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 2023, Nasdaq, Inc. All Rights Reserved. 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. Verafin Cookie. These cookies will be stored in your browser only with your consent. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. This website uses cookies to improve your experience while you navigate through the website. Investors should not rely on any single financial measure when evaluating these businesses. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations.
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