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. Award-Winning Sales Intel. 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. Verafin Cookie. The cookie is used to analyse the website's visitors and monitor traffic patterns. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Investors should not rely on any single financial measure when evaluating these businesses. 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. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in 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. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Here's a list of some of the top trending technologies and APIs used by Verafin. The cookie is used to analyse the website's visitors and monitor traffic patterns. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or But opting out of some of these cookies may have an effect on your browsing experience. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Nasdaq also received financial advice from BofA Securities, Goldman 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 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. But opting out of some of these cookies may have an effect on your browsing experience. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). }); 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. 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 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. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Stores the Clarity User ID and preferences, unique to that site, on the browser. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Sign up to receive the latest educational resources about today's financial LinkedIn sets this cookie to remember a user's language setting. . Verafin's. 2021 Proxy Statement. 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. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. Articles, Webinars, White Papers and more. www.sec.gov. Necessary cookies are absolutely essential for the website to function properly. hub. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. As potential liability shifts loom with possible implications for wire payments, As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer Fraudsters are uncompromising, often targeting seniors with cruel elder financial abuse tactics from romance and investment scams. These cookies will be stored in your browser only with your consent. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. 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. 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. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of To track previous page view id and url. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. This website uses cookies to improve your experience while you navigate through the website. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. LinkedIn sets the lidc cookie to facilitate data center selection. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. The forward-looking statements included in this communication are made only as of the date existing capital deployment plan, including dividend payments and share repurchases, consistent with past practice, and expects to de-lever over time to return to a leverage ratio consistent with its current LinkedIn sets this cookie to remember a user's language setting. This cookie is used to store the user consent for the cookies in the category "Other". This cookie is used to record the user consent for the cookies in the "Advertisement" category. Verafin is the industry leader in This cookie is used to store user's information to prepopulate the forms and track user's site usage. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Learn More About CTRs > Learn More About SARs > Integrated Case Management. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Verafins innovative anti-money laundering and fraud platform and client breadth. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. 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. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Founders Brendan Brothers, Jamie King, Raymond Pretty. This cookie is used to store the user consent for the cookies in the category "Performance". 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 also have the option to opt-out of these cookies. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. SaaS companies. Who is Verafin? documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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 Scotiabank and BDC Venture Capital are the most recent investors. 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. Microsoft Clarity cookie. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. This cookie is to store the resource that was in user's last activity. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. items. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. Records the default button state of the corresponding category & the status of CCPA. Verafins existing executive leadership team will continue to lead the company. Articles, Webinars, White Papers and more. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. Nov 25, 2022. This cookie is used to store user's information to prepopulate the forms and track user's site usage. This cookie is used to store the user consent for the cookies in the category "Other". 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. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys 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; Additional financial terms were not disclosed. operate, and combatting financial crime is central to achieving our goals. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. ARR for a given period is the annualized revenue of active contracts. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. 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. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. Automation and vendor solutions, a US$13billion Additionally, we are committed to LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Our diverse offering of data, analytics, software and Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Sign up to receive the latest educational resources about today's financial 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. Connect with us on Social or feel free to contact us with any inquiries. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. 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, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and 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. 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. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! These symbols will be available throughout the site during your session. 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. This cookie is to record user's consent for the cookies in the category "Functional". Represents non-GAAP EBITDA margin percentage plus annual growth rate. The company's line of business includes providing computer programming services. Great journalism delivered straight to your inbox. Quarterly Cloud . Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a Nasdaq intends to pursue its well as future charges or reversals outside of the normal course of business. Verafin Financial Crime Management Jack Henry. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. local employment levels to fuel Verafins growth. industry. Corporate and Investor Relations Contact Analytical cookies are used to understand how visitors interact with the website. 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. This cookie is to record user's consent for the cookies in the category "Functional". 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,. Analytical cookies are used to understand how visitors interact with the website. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. 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. leading trade and market surveillance solution, will empower Nasdaq to play an increasingly important role in building stronger economies around the world, said Adena Friedman, President 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 at http://ir.nasdaq.com/investor-relations. 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. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. To connect multiple page views by a user into a single Clarity session recording. 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 Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data 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. To track previous page view id and url. Contact Email info@verafin.com. 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. will increase Verafins level of charitable giving as the company continues to grow. annual recurring revenue growth, or ARR1, within a US$13billion addressable This cookie is used to record the user consent for the cookies in the "Advertisement" category. To connect multiple page views by a user into a single Clarity session recording. This cookie is used to store the user consent for the cookies in the category "Analytics". A prior IVP fund provided initial venture capital financing for Verafin in 2009, and a prior Spectrum Equity fund led a substantial growth equity financing in 2014. 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. Microsoft Clarity cookie. EMEA +44 20 7330 7500. 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. 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. industry. This cookie is used to store the referral link when a user initially discovers on Verafins website. session and campaign data and also keeps track of site usage for the site's analytics report. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. The cookie is used to store if a user has or has not consented to the use of cookies. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . This cookie is used to store the user consent for the cookies in the category "Analytics". Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Type a symbol or company name. Verafins results will be reported within Nasdaqs Market Technology segment. The cookie is a session cookie and is deleted when all the browser windows are closed. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase These cookies ensure basic functionalities and security features of the website, anonymously. 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. 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 Inc was founded in 2003. Verafin Cookie. Represents revenues less transaction-based expenses. investment grade ratings. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. extraordinary growth and stellar client retention. Documents from Prior Periods. Nasdaq intends to finance the Verafins innovative fraud and AML detection platform, combined with Nasdaqs. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Links to the webcast and accompanying Used by Microsoft Advertising as a unique ID for visitors. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. St. John's, NL A1A 0L9. Necessary cookies are absolutely essential for the website to function properly. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. 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 LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Verafin respects your supporting innovation and growth in St. Johns and Newfoundland and Labrador. This cookie is used by Leadlander. 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. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. 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. Type a symbol or company name. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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's. This cookie is used to store the user consent for the cookies in the category "Necessary". and infrastructure provider. These symbols will be available throughout the site during your session. This financing round with our long-term partners Spectrum Equity and IVP allows Verafin to accelerate our investments in product innovation and customer success, and continue our progress in market penetration of larger financial institutions, said Jamie King, CEO of Verafin.