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. Copy and paste multiple symbols separated by spaces. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. alert("Please enter your email address"); Here's a list of some of the top trending technologies and APIs used by Verafin. Do Not Sell My Personal Information (CA Residents Only). The Verafin deal was announced almost 10 years to the day after Danny Williams called everyone into a St. John's hotel room to unveil the Muskrat Falls megaproject. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. services enables clients to optimize and execute their business vision with confidence. 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 information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. Up to comparative measure. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Quarterly results Annual reports SEC filings Financial strength rating Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Verafin respects your Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. These cookies are used for advertising, site analytics, and other operational purposes. This press release includes certain non-GAAP financial This cookie is used to record the user consent for the cookies in the "Advertisement" category. The cookie is used to analyse the website's visitors and monitor traffic patterns. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. 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; Learn More About CTRs > Learn More About SARs > Integrated Case Management. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Verafins innovative anti-money laundering and fraud platform and client breadth. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its 2023, Nasdaq, Inc. All Rights Reserved. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Osler, Hoskin& Harcourt LLP acted as Documents from Prior Periods. accounting write-down on deferred revenue is excluded in these measures. Award-Winning Sales Intel. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. 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. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); 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. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 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. LinkedIn sets the lidc cookie to facilitate data center selection. We are thrilled to welcome Verafins talented employees into the Nasdaq family and look forward to supporting local institutions in Newfoundland and Labrador to promote continued innovation.. We also use third-party cookies that help us analyze and understand how you use this website. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. To this end, Nasdaq authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Canada. This cookie is to record user's consent for the cookies in the category "Functional". 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 equity and debt financing follows a period of sustained and rapid growth at Verafin. Investigator for anti-money laundering (AML). 2021 Proxy Statement. To track previous page view id and url. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures But opting out of some of these cookies may have an effect on your browsing experience. in place and continue to lead the companys growth. Subscribe now to start reading premium, award-winning journalism. Over 2,000 banks and Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. The cookie is used to store if a user has or has not consented to the use of cookies. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. 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. Operating Status Active. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 7819, Media, Analysts and General Contact market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 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. 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. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory 1.866.781.8433. This cookie is used to store the user consent for the cookies in the category "Necessary". Americas +1 212 318 2000. 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. privacy. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Copy and paste multiple symbols separated by spaces. Nov 25, 2022. 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. Contact Email info@verafin.com. Houlihan Lokey served as the financial advisor to Verafin. 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 When used in this communication, words such as will, believes, can and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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 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. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. 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. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. To identify unique web browsers visiting Microsoft sites. Oil-sands companies had a blockbuster earnings season. Copyright 2019, Verafin Solutions ULC All rights reserved. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. You can withdraw your consent at any time. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. 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. market. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs 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. When used in this communication, words such as intends, plans, 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 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 definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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 Configurable Dashboards Manage and transform your information into key business insights. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Stores the Clarity User ID and preferences, unique to that site, on the browser. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Type a symbol or company name. 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. items. For more information, visit http://www.informationvp.com. ARR does not have any standardized The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. It is expected to close in the first quarter of 2021. To track previous page view id and url. operate, and combatting financial crime is central to achieving our goals. These cookies ensure basic functionalities and security features of the website, anonymously. 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,. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. LinkedIn sets this cookie to store performed actions on the website. Records the default button state of the corresponding category & the status of CCPA. 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. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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.
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