LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. Verafin Company Profile - Office Locations, Competitors, Financials discussion of this and other non-GAAP measures. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. This cookie is used to store the user consent for the cookies in the category "Necessary". 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 Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Type a symbol or company name. EMEA +44 20 7330 7500. 2021 Proxy Statement. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. It is expected to close in the first quarter of 2021. Verafin - CUNA Strategic Services 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 Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. Financials | Markel Corp. 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. The transaction accelerates Nasdaq's ongoing . The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Who is Verafin? ARR does not have any standardized As a result, Nasdaq is raising its Market 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Forward-looking statements 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 Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafin is funded by 10 investors. Necessary cookies are absolutely essential for the website to function properly. Nasdaq 4Q21 Quarterly Update teamwork, entrepreneurship, and a commitment to continued growth and development. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Over 2,000 banks and This cookie is used to store the user consent for the cookies in the category "Performance". 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. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. Used by Microsoft Advertising as a unique ID for visitors. 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. A reconciliation of non-GAAP forward looking information to their corresponding GAAP measures Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. Additionally, we are committed to insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. Type a symbol or company name. 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. But opting out of some of these cookies may have an effect on your browsing experience. Quarterly results Annual reports SEC filings Financial strength rating 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. 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 is used to store if a user has or has not consented to the use of cookies. 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. Sign up to receive the latest educational resources about today's financial www.sec.gov. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or This cookie is to record user's consent for the cookies in the category "Functional". future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the proposed transaction; and the effect of the announcement or pendency of the transaction on Verafins business A reconciliation ofnon-GAAPforward looking information to their corresponding GAAP measures 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 well as future charges or reversals outside of the normal course of business. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. ET, Nasdaq will host a webcast presentation to discuss the transaction. 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. LinkedIn sets this cookie to store performed actions on the website. 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. 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. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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. $=jQuery; This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Corporate and Investor Relations Contact Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the These measures are not in accordance with, or an alternative to, U.S. GAAP, and supporting innovation and growth in St. Johns and Newfoundland and Labrador. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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; Quarterly Cloud . New equity financing was provided by Spectrum Equitys current investing fund and Information Venture Partners (IVP) new fund with participation by new backers Northleaf Capital Partners, BDC Capital and Teralys Capital. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. for Masters and PhD students. 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 To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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 Award-Winning Sales Intel. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Verafins innovative anti-money laundering and fraud platform and client breadth. Sachs& Co. LLC, Morgan Stanley and TD Securities. Scotiabank and BDC Venture Capital are the most recent investors. 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. 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. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. What industry is the company in? Investors should not rely on any single financial measure when evaluating these businesses. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry relationships, operating results, and business generally. 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. 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. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . A reconciliation ofnon-GAAPforward looking information to their corresponding GAAP measures 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 well as future charges or reversals outside of the normal course of business. Verafin Inc - Company Profile and News - Bloomberg Markets Verafins existing executive leadership team will continue to lead the company. }); 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Investigator for anti-money laundering (AML). Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. You also have the option to opt-out of these cookies. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Great journalism delivered straight to your inbox. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. "Bloomberg Opinion" columnists offer their opinions on issues in the news. 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; Our diverse offering of data, analytics, software and You also have the option to opt-out of these cookies. Verafin Inc. Website. . 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 The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Stores the Clarity User ID and preferences, unique to that site, on the browser. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Refer to the non-GAAP information section of this release for a Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. To identify unique web browsers visiting Microsoft sites. 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 store the user consent for the cookies in the category "Other". $('#wpaloginform').submit(function( ) { 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. this transaction. and Chief Executive Officer, Nasdaq. These cookies ensure basic functionalities and security features of the website, anonymously. Sign up to receive the latest educational resources about today's financial This press release includes certain non-GAAP financial 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. 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. 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. Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). This cookie is used to store the user consent for the cookies in the category "Analytics". Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Connect with us on Social or feel free to contact us with any inquiries. Excludes the impact of purchase accounting write-down on deferred revenue. 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. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. Copyright 2019, Verafin Solutions ULC All rights reserved. But opting out of some of these cookies may have an effect on your browsing experience. Nasdaq also received financial advice from BofA Securities, Goldman Verafin Completes C$515 Million Equity and Debt Recapitalization Canada. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Verafin: Financial Crime Management Solutions for Financial Institutions Investors should not rely on any single financial measure when evaluating these businesses. SaaS companies. These cookies track visitors across websites and collect information to provide customized ads. 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