Stores the Clarity User ID and preferences, unique to that site, on the browser. . To identify unique web browsers visiting Microsoft sites. LinkedIn sets this cookie to remember a user's language setting. 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 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. 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.. 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 ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Used by Microsoft Advertising as a unique ID for visitors. Records the default button state of the corresponding category & the status of CCPA. privacy. 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. 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; Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. READ MORE During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. Quarterly Cloud . It works only in coordination with the primary cookie. This cookie is used to store the referral link when a user initially discovers on Verafins website. Verafin Inc. Website. Analytical cookies are used to understand how visitors interact with the website. Americas +1 212 318 2000. 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 learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The Logic 2023 The Logic Inc. All Rights Reserved. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. Verafin respects your Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 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. 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. For more information, visit http://www.informationvp.com. 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. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. To identify unique web browsers visiting Microsoft sites. 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. Investigator for anti-money laundering (AML). 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. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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. } Compare how recession-proof Verafin Usa is relative to the industry overall. What industry is the company in? Used by Microsoft Advertising as a unique ID for visitors. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Verafins research and development. 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. The pattern element in the name contains the unique identity number of the account or website it relates to. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. investment grade ratings. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. You also have the option to opt-out of these cookies. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Bing Ads sets this cookie to engage with a user that has previously visited the website. As a result, Nasdaq is raising its Market Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . 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. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Analytical cookies are used to understand how visitors interact with the website. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment 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. 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 Analytical cookies are used to understand how visitors interact with the website. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. This cookie is used to store the user consent for the cookies in the category "Necessary". 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. privacy. services enables clients to optimize and execute their business vision with confidence. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. industry. operate, and combatting financial crime is central to achieving our goals. This cookie is used to store the user consent for the cookies in the category "Necessary". 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. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. 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. Scotiabank and BDC Venture Capital are the most recent investors. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. Verafins existing executive leadership team will continue to lead the company. 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. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. LinkedIn sets the lidc cookie to facilitate data center selection. 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. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Automation and vendor solutions, a US$13billion These cookies will be stored in your browser only with your consent. 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. Verafins existing executive leadership team will continue to lead the company. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. supporting innovation and growth in St. Johns and Newfoundland and Labrador. 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. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. 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. 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. This cookie is to record user's consent for the cookies in the category "Functional". The forward-looking statements included in this communication are made only as of the date Learn More About CTRs > Learn More About SARs > Integrated Case Management. 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. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. In order to foster the next generation of talent in the province and help support Verafins growing These symbols will be available throughout the site during your session. To track previous page view id and url. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Verafin respects your . This cookie is used to store the user consent for the cookies in the category "Performance". Verafin is a company that provides financial crime management solutions. 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. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. www.sec.gov. Great journalism delivered straight to your inbox. 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. EMEA +44 20 7330 7500. 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). This cookie is used by Leadlander. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. These cookies are used for advertising, site analytics, and other operational purposes. 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. Asia Pacific +65 6212 1000. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). 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. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. well as future charges or reversals outside of the normal course of business. Microsoft Clarity cookie. Bloomberg Anywhere Remote Login. 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. To connect multiple page views by a user into a single Clarity session recording. Additionally, we are committed to These cookies ensure basic functionalities and security features of the website, anonymously. existing regulatory technology and anti-financial crime solutions, which include its renowned Nasdaq Trade and Market Surveillance offering, its Buy-side Compliance product, as well as the Nasdaq Automated 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. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Necessary cookies are absolutely essential for the website to function properly. Founders Brendan Brothers, Jamie King, Raymond Pretty. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Longview Communications& Public Affairs (Canada). 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. 2023, Nasdaq, Inc. All Rights Reserved. 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. 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 Nasdaqs clear commitments to the Province will help foster prosperity 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. Nasdaq or Verafin, and the anticipated timing of closing of the proposed 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. 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. Verafin has grown at a compound annual revenue growth rate of approximately 30% over 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 cookie is used to store if a user has or has not consented to the use of cookies. Operating Status Active. 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. 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. Verafin raised a total of $422.2 M in funding over 3 rounds. This cookie is used by Leadlander. 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.. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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 With Security in the Verafin Cloud The Verafin Cloud is a secure infrastructure for data storage and analysis, which provides convenient, on-demand access to the Verafin Verafins secure cloud infrastructure enables technology advancements,superior customer service and application enhancements. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The acquisition strengthens Nasdaqs Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Nasdaqs organic growth calculation methodology normally excludes acquired businesses from the measure until they have been part of Nasdaq for a full 12-month period. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Verafin is funded by 10 investors. Sales bookings and deal size at the company each grew by. 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 . Copy and paste multiple symbols separated by spaces. Nasdaq also received financial advice from BofA Securities, Goldman 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); 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. It works only in coordination with the primary cookie. 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. 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. See the bigger picture with reporters and industry experts in subscriber-exclusive events. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Articles, Webinars, White Papers and more. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. The cookie is a session cookie and is deleted when all the browser windows are closed. This cookie is to store the resource that was in user's last activity. market. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Necessary cookies are absolutely essential for the website to function properly. 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. However you may visit Cookie Settings to provide a controlled consent. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . This documentary-style series follows investigative journalists as they uncover the truth. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. By clicking Accept, you consent to the use of ALL the cookies. Spectrum Equity, 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.
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