reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. 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.. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Additionally, we are committed to investment grade ratings. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. The agreement will combine These cookies are used for advertising, site analytics, and other operational purposes. 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. To this end, Nasdaq These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. These cookies are used for advertising, site analytics, and other operational purposes. Get a D&B Hoovers Free Trial. This website uses cookies to improve your experience while you navigate through the website. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or These measures are not in accordance with, or an alternative to, U.S. GAAP, and Osler, Hoskin& Harcourt LLP acted as These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. We also use third-party cookies that help us analyze and understand how you use this website. Investors should not rely on any single financial measure when evaluating these businesses. 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; 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. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. Bing Ads sets this cookie to engage with a user that has previously visited the website. 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. Learn More About CTRs > Learn More About SARs > Integrated Case Management. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Asia Pacific +65 6212 1000. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? 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. expectations with respect to Verafins business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected teamwork, entrepreneurship, and a commitment to continued growth and development. This cookie is to record user's consent for the cookies in the category "Functional". 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. Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Valuable research and technology reports. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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 Phone Number 877.368.9986. Verafins existing executive leadership team will continue to lead the company. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. These cookies ensure basic functionalities and security features of the website, anonymously. 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. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Great journalism delivered straight to your inbox. St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Verafin Cookie. 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. Verafins legal advisor. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. However you may visit Cookie Settings to provide a controlled consent. Canada. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The cookie is a session cookie and is deleted when all the browser windows are closed. Nasdaqs investment will help Verafin expand its industry. items. 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; In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. This cookie is used to store the user consent for the cookies in the category "Analytics". Automation and vendor solutions, a US$13billion Our diverse offering of data, analytics, software 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. It works only in coordination with the primary cookie. Spectrum Equity, The pattern element in the name contains the unique identity number of the account or website it relates to. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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 . Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. This cookie is used to store the user consent for the cookies in the category "Other". The Logic 2023 The Logic Inc. All Rights Reserved. well as future charges or reversals outside of the normal course of business. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. On Thursday, November19, 2020 at 8:00 a.m. As a Nasdaq company, Verafin extends its capabilities to service a global ecosystem of Tier-1 and Tier-2 banks, as well as regulatory authorities and consortium initiatives. The transaction accelerates Nasdaq's ongoing . D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. C$100 million in annual recurring . 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,. The forward-looking statements included in this communication are made only as of the date hereof. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. To connect multiple page views by a user into a single Clarity session recording. Who is Verafin? and infrastructure provider. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Verafin raised a total of $422.2 M in funding over 3 rounds. Scotiabank and BDC Venture Capital are the most recent investors. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Additional financial terms were not disclosed. 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. 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 But opting out of some of these cookies may have an effect on your browsing experience. To identify unique web browsers visiting Microsoft sites. Software Updates. 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. 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. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. 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LinkedIn sets this cookie to remember a user's language setting. 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.. Excludes the impact of purchase accounting write-down on deferred revenue. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Verafin respects your $('#wpaloginform').submit(function( ) { Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. This SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of November 18, 2020, is made by and among Nasdaq, Inc., a Delaware corporation ("Parent"), Osprey Acquisition Corporation, a corporation existing under the CBCA and a wholly owned subsidiary of Parent ("Buyer" and collectively with Parent, "Buyer Parties"), Verafin Holdings Inc., a corporation existing under the CBCA . To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. 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. 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. Articles, Webinars, White Papers and more. 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. 18 Hebron Way. This cookie is used to store the referral link when a user initially discovers on Verafins website. The cookie is used to store if a user has or has not consented to the use of cookies. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its This cookie is to record user's consent for the cookies in the category "Functional". Oil-sands companies had a blockbuster earnings season. 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 We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. This cookie is used to store the user consent for the cookies in the category "Other". 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. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. However you may visit Cookie Settings to provide a controlled consent. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. 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. 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. This cookie is used to store the user consent for the cookies in the category "Analytics". Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. 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. This cookie is used to store the user consent for the cookies in the category "Necessary". privacy. Legal Name Verafin Inc. Company Type For Profit. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. this transaction. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. industry. This cookie is used by Leadlander. This cookie is used by Leadlander. LinkedIn sets the lidc cookie to facilitate data center selection. Verafin Cookie. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and 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 believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. For more information, visit http://www.informationvp.com. To identify unique web browsers visiting Microsoft sites. The acquisition strengthens Nasdaqs organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Founders Brendan Brothers, Jamie King, Raymond Pretty. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Looking ahead, Verafins capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaqs technology to detect market manipulation and abuse. ARR for a given period is the annualized revenue of active contracts. Looking ahead, Verafins capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaqs technology to detect market manipulation and abuse. 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. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. This website uses cookies to improve your experience while you navigate through the website. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. 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. Read our 2022Proxy Statement and Form 10-K. 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. Connect with us on Social or feel free to contact us with any inquiries. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Represents revenues less transaction-based expenses. 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.
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