ARR for a given period is the annualized revenue of active contracts. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. 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. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. It works only in coordination with the primary cookie. 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. 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 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. industry. Canada. Ed Ditmire, CFA: +1 212 401 [email protected], Ryan Wells: +1 646 648 3887 [email protected], Yan-yan Tong: +46 (0)73 449 66 [email protected], Longview Communications & Public Affairs (Canada)Ian Hamilton: +1 905 399 [email protected] Lloyd: +1 416 402 [email protected], Brian Hartlen: +1 709 725 [email protected]. 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. The Logic 2023 The Logic Inc. All Rights Reserved. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Subscribe now to start reading premium, award-winning journalism. Our diverse offering of data, analytics, software and the last three years. 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 cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. This cookie is used to store the user consent for the cookies in the category "Performance". Houlihan Lokey served as the financial advisor to Verafin. The forward-looking statements included in this communication are made only as of the date Quarterly results Annual reports SEC filings Financial strength rating Oil-sands companies had a blockbuster earnings season. Nasdaq also received financial advice from BofA Securities, Goldman Analytical cookies are used to understand how visitors interact with the website. This cookie is used to store the user consent for the cookies in the category "Necessary". Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Verafins existing executive leadership team will continue to lead the company. 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. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. LinkedIn sets this cookie to remember a user's language setting. This cookie is to record user's consent for the cookies in the category "Functional". will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Verafin is funded by 10 investors. What industry is the company in? Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. proposed transaction on the market price of Nasdaqs common stock or on Nasdaqs operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; Stores the Clarity User ID and preferences, unique to that site, on the browser. 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. On Thursday, November19, 2020 at 8:00 a.m. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These symbols will be available throughout the site during your session. 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. 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 to store performed actions on the website. These cookies ensure basic functionalities and security features of the website, anonymously. Verafin respects your These cookies are used for advertising, site analytics, and other operational purposes. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. LinkedIn sets this cookie to remember a user's language setting. The agreement to acquire Verafin was announced on November 19, 2020. LinkedIn sets the lidc cookie to facilitate data center selection. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. LinkedIn sets the lidc cookie to facilitate data center selection. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Legal Name Verafin Inc. Company Type For Profit. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Visitwww.verafin.com, [email protected] call 866.781.8433. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). 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. By clicking Accept, you consent to the use of ALL the cookies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those 2023, Nasdaq, Inc. All Rights Reserved. annual recurring revenue growth, or ARR1, within a US$13billion addressable Founders Brendan Brothers, Jamie King, Raymond Pretty. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. 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. But opting out of some of these cookies may have an effect on your browsing experience. Sachs& Co. LLC, Morgan Stanley and TD Securities. Type a symbol or company name. Longview Communications& Public Affairs (Canada). In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Used by Microsoft Advertising as a unique ID for visitors. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. extraordinary growth and stellar client retention. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Nov 25, 2022. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Analytical cookies are used to understand how visitors interact with the website. Nasdaqs clear commitments to the Province will help foster prosperity 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. The cookie is used to store if a user has or has not consented to the use of cookies. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. 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 website uses cookies to improve your experience while you navigate through the website. Asia Pacific +65 6212 1000. 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. The agreement to acquire Verafin was announced on November 19, 2020. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment 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 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. 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. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. 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. making it more difficult to maintain business and operational relationships; risks related to diverting managements attention from Nasdaqs ongoing business operations; the negative effects of the announcement or the consummation of the with U.S. GAAP. 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; services enables clients to optimize and execute their business vision with confidence. Learn More About CTRs > Learn More About SARs > Integrated Case Management. While the Nasdaq deal sees Verafin abandon the latter priority, it opens up its businessproviding financial institutions with a cloud-based platform to help them detect, investigate, and report money-laundering and financial fraudto the hundreds of firms that use Nasdaqs financial-fraud-detection services. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . Great journalism delivered straight to your inbox. Verafin is a company that provides financial crime management solutions. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This cookie is used to store the user consent for the cookies in the category "Performance". LinkedIn sets the lidc cookie to facilitate data center selection. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Contact Email [email protected]. By clicking Accept, you consent to the use of ALL the cookies. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. To connect multiple page views by a user into a single Clarity session recording. may be different from non-GAAP measures used by other companies. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase 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. 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 may be different fromnon-GAAPmeasures used by other companies. 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 market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. We look forward to working with Jamie and the rest of the Verafin team to continue to support their product-innovation led go-to-market strategy that has enabled the Companys explosive growth., Dave Unsworth, General Partner at IVP added, Verafin is in the very early innings of its mission to create the worlds most effective crime fighting network. Verafin's. The company's line of business includes providing computer programming services. 7819, Media, Analysts and General Contact We also use third-party cookies that help us analyze and understand how you use this website. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. Create your Watchlist to save your favorite quotes on 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. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafins existing executive leadership team will continue to lead the company. LinkedIn sets this cookie to store performed actions on the website. Scotiabank and BDC Venture Capital are the most recent investors. this 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. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. Automation and vendor solutions, a US$13billion It works only in coordination with the primary cookie. Investigator for anti-money laundering (AML). These cookies track visitors across websites and collect information to provide customized ads. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. LinkedIn sets this cookie for LinkedIn Ads ID syncing. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M $('#wpaloginform').submit(function( ) { 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. It is expected to close in the first quarter of 2021. Nasdaqs and You can withdraw your consent at any time. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . investment grade ratings. Verafin raised a total of $422.2 M in funding over 3 rounds. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! 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. The pattern element in the name contains the unique identity number of the account or website it relates to. Verafin Cookie. Visitwww.verafin.com, [email protected] call 866.781.8433. 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. 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 transaction accelerates Nasdaq's ongoing . Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 2023, Nasdaq, Inc. All Rights Reserved. LinkedIn sets this cookie to remember a user's language setting. These cookies track visitors across websites and collect information to provide customized ads. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. Brian HARTLEN, [email protected] 709.725.8235, Internet Explorer presents a security risk. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. privacy. 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. 2023, Nasdaq, Inc. All Rights Reserved. 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. This investment by Nasdaq, a global Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. What will they do with all the cash? ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. This documentary-style series follows investigative journalists as they uncover the truth. 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 . This cookie is used to store the user consent for the cookies in the category "Other". privacy. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. 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 Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. 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. Sales bookings and deal size at the company each grew by. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Last Funding Type Private 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. Copy and paste multiple symbols separated by spaces. Americas +1 212 318 2000. Microsoft Clarity cookie. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. This cookie is used to store the referral link when a user initially discovers on Verafins website. Stores the Clarity User ID and preferences, unique to that site, on the browser. Who is Verafin? in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of