You also have the option to opt-out of these cookies. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. if(!$('#wpaloginform #user_email_username').val()) { This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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. Verafin Company Profile | Management and Employees List - Datanyze This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Our diverse offering of data, analytics, software and More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . The cookie is a session cookie and is deleted when all the browser windows are closed. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. 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. Legal Name Verafin Inc. Company Type For Profit. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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 to store the user consent for the cookies in the category "Necessary". Ex-99.1 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. To connect multiple page views by a user into a single Clarity session recording. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. LinkedIn sets this cookie to store performed actions on the website. Microsoft Clarity cookie. Represents non-GAAP EBITDA margin percentage plus annual growth rate. 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. industry. Type a symbol or company name. Microsoft Clarity cookie. supporting innovation and growth in St. Johns and Newfoundland and Labrador. }); 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. 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 Nasdaq to Acquire Verafin, Creating a Global Leader in the This cookie is used to record the user consent for the cookies in the "Advertisement" category. Nasdaq buying N.L. online security company Verafin in $2.75B US deal - CBC Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Records the default button state of the corresponding category & the status of CCPA. LinkedIn sets the lidc cookie to facilitate data center selection. 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. session and campaign data and also keeps track of site usage for the site's analytics report. 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. www.sec.gov. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Spectrum Equity, 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. Canada. Great journalism delivered straight to your inbox. 2020 Annual Report. Copy and paste multiple symbols separated by spaces. will increase Verafins level of charitable giving as the company continues to grow. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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 is the 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 . This cookie is used to store the user consent for the cookies in the category "Necessary". The company's line of business includes providing computer programming services. 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. 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. This website uses cookies to improve your experience while you navigate through the website. The acquisition strengthens Nasdaqs A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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. Financials | Markel Corp. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Records the default button state of the corresponding category & the status of CCPA. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. These cookies track visitors across websites and collect information to provide customized ads. + Go To Resource 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. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. Get a D&B Hoovers Free Trial. Sign up to receive the latest educational resources about today's financial Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys 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. 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. 18 Hebron Way. Verafin Inc was founded in 2003. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Investors should not rely on any single financial measure when evaluating these businesses. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Used by Microsoft Advertising as a unique ID for visitors. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. As a result, Nasdaq is raising its Market We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Osler, Hoskin& Harcourt LLP acted as The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics ARR for a given period is the annualized revenue of active contracts. When used in this communication, words such as intends, plans, Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Leveraging its robust big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin can significantly reduce false positive alerts, deliver context-rich insights and streamline the daunting BSA/AML compliance processes that financial institutions face today. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. Verafins comprehensive suite of anti-financial crime management products with Nasdaqs reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that items. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. This cookie is to record user's consent for the cookies in the category "Functional". Verafin Company Profile - Office Locations, Competitors, Financials Nasdaqs and Nasdaq 4Q21 Quarterly Update 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. To track previous page view id and url. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Verafin respects your 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. Verafin is a company that provides financial crime management solutions. 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 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.. 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. 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. The cookie is a session cookie and is deleted when all the browser windows are closed. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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. Combines Nasdaqs global reach and established regulatory technology leadership with. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Excludes the impact of purchase accounting write-down on deferred revenue. 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. . 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.