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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. and infrastructure provider. Articles, Webinars, White Papers and more. To identify unique web browsers visiting Microsoft sites. Forward-looking statements with U.S. GAAP. Bing Ads sets this cookie to engage with a user that has previously visited the website. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Verafin Cookie. This cookie is used by Leadlander. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Used by Microsoft Advertising as a unique ID for visitors. Verafin respects your 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 Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. To track previous page view id and url. Get a D&B Hoovers Free Trial. Sign up to receive the latest educational resources about today's financial See the bigger picture with reporters and industry experts in subscriber-exclusive events. These cookies ensure basic functionalities and security features of the website, anonymously. LinkedIn sets this cookie to store performed actions on the website. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Copyright 2019, Verafin Solutions ULC All rights reserved. This website uses cookies to improve your experience while you navigate through the website. These cookies track visitors across websites and collect information to provide customized ads. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. well as future charges or reversals outside of the normal course of business. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Nasdaqs and 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. Verafin is the industry leader in credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin is funded by 10 investors. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. Quarterly Cloud . opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs and Chief Executive Officer, Nasdaq. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. As a result, Nasdaq is raising its Market 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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 Longview Communications& Public Affairs (Canada). Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. SaaS companies. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory 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. The agreement to acquire Verafin was announced on November 19, 2020. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. 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. 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. But opting out of some of these cookies may have an effect on your browsing experience. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. This cookie is used to store the user consent for the cookies in the category "Analytics". measures, including organic revenue growth, non-GAAP EBITDA and ROIC. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. You also have the option to opt-out of these cookies. Analytical cookies are used to understand how visitors interact with the website. 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,. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation This cookie is to store the resource that was in user's last activity. What will they do with all the cash? Verafins existing executive leadership team will continue to lead the company. Copyright 2019, Verafin Solutions ULC All rights reserved. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the It is expected to close in the first quarter of 2021. 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.. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Copy and paste multiple symbols separated by spaces. To connect multiple page views by a user into a single Clarity session recording. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Spectrum Equity, Additional financial terms were not disclosed. 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. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 2023, Nasdaq, Inc. All Rights Reserved. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. Blogs. Over 2,000 banks and This cookie is used by Leadlander. These symbols will be available throughout the site during your session. 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. Legal Name Verafin Inc. Company Type For Profit. Investors should not rely on any single financial measure when evaluating these businesses. You can withdraw your consent at any time. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. To identify unique web browsers visiting Microsoft sites. + Go To Resource insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. 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. 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. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. items. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. These cookies track visitors across websites and collect information to provide customized ads. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. comparative measure. 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. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The agreement will combine 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. accounting write-down on deferred revenue is excluded in these measures. 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 The forward-looking statements included in this communication are made only as of the date hereof. }); 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. To identify unique web browsers visiting Microsoft sites. Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. operate, and combatting financial crime is central to achieving our goals. 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; 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. LinkedIn sets this cookie to store performed actions on the website. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. By clicking Accept, you consent to the use of ALL the cookies. 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 the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. Investors should not rely on any single financial measure when evaluating these businesses. 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. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive 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 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. Nasdaq intends to finance the Nasdaq intends to pursue its 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. this transaction. For more information, visit http://www.informationvp.com. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or Analytical cookies are used to understand how visitors interact with the website. Verafin is a company that provides financial crime management solutions. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. These cookies ensure basic functionalities and security features of the website, anonymously. We also use third-party cookies that help us analyze and understand how you use this website. 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 cookie is a session cookie and is deleted when all the browser windows are closed. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. 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. 7819, Media, Analysts and General Contact . Subscribe now to start reading premium, award-winning journalism. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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 ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Verafin's. 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 website uses cookies to improve your experience while you navigate through the website. 18 Hebron Way. Automation and vendor solutions, a US$13billion 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. 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. Sign up to receive the latest educational resources about today's financial This website uses cookies to improve your experience while you navigate through the website. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . LinkedIn sets the lidc cookie to facilitate data center selection. At the time, we were talking. 2020 Annual Report. Award-Winning Sales Intel. 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. Verafins legal advisor. Documents from Prior Periods. This cookie is used to store the user consent for the cookies in the category "Necessary". You also have the option to opt-out of these cookies. The pattern element in the name contains the unique identity number of the account or website it relates to. www.sec.gov. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Links to the webcast and accompanying This cookie is to record user's consent for the cookies in the category "Functional". These cookies are used for advertising, site analytics, and other operational purposes. annual recurring revenue growth, or ARR1, within a US$13billion addressable The company's line of business includes providing computer programming services. Driving the market is an uptick . These cookies will be stored in your browser only with your consent. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. These symbols will be available throughout the site during your session. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Type a symbol or company name. session and campaign data and also keeps track of site usage for the site's analytics report. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. The transaction is expected to increase revenue contribution from the highest-growth Market Technology and Investment Intelligence segment to 47% (from 45%) of total Nasdaq net revenue2 pro forma for the third quarter of 2020. By clicking Accept, you consent to the use of ALL the cookies. 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. may be different from non-GAAP measures used by other companies. This cookie is to record user's consent for the cookies in the category "Functional". Manage Products and Account Information. Microsoft Clarity cookie. US$2 trillion in laundered money flows through the financial system annually according to the United Nations, and criminals continue to find sophisticated methods for moving funds undetected. industry. Verafin's. 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. 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. 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.. Stores the Clarity User ID and preferences, unique to that site, on the browser. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. 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. In order to foster the next generation of talent in the province and help support Verafins growing Verafin Cookie. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. privacy. . LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Verafin Financial Crime Management Jack Henry. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Sign up to receive the latest educational resources about today's financial Microsoft Clarity cookie. At the time, Verafin CEO Jamie King. 2021 Proxy Statement. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. The forward-looking statements included in this communication are made only as of the date hereof. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. . To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). 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.
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