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Bloomberg Anywhere Remote Login. 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 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). privacy. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those 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. 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. Verafins legal advisor. LinkedIn sets this cookie to remember a user's language setting. Software Updates. Additionally, we are committed to 2023, Nasdaq, Inc. All Rights Reserved. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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. Verafin Cookie. Type a symbol or company name. Represents revenues less transaction-based expenses. 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. 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. On Thursday, November19, 2020 at 8:00 a.m. This cookie is used to store user's information to prepopulate the forms and track user's site usage. The cookie is used to store if a user has or has not consented to the use of cookies. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Verafin respects your Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. What will they do with all the cash? . Quarterly Cloud . LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. However you may visit Cookie Settings to provide a controlled consent. St. John's, NL A1A 0L9. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation The cookie is used to store if a user has or has not consented to the use of cookies. To identify unique web browsers visiting Microsoft sites. At the time, we were talking. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. ARR for a given period is the annualized revenue of active contracts. 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 cookie is to store the resource that was in user's last activity. 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. alert("Please enter your email address"); Copyright 2019, Verafin Solutions ULC All rights reserved. local employment levels to fuel Verafins growth. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. privacy. operate, and combatting financial crime is central to achieving our goals. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Verafin Financial Crime Management Jack Henry. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Verafin is funded by 10 investors. Great journalism delivered straight to your inbox. LinkedIn sets the lidc cookie to facilitate data center selection. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. and Chief Executive Officer, Nasdaq. 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. Represents non-GAAP EBITDA margin percentage plus annual growth rate. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The cookie is a session cookie and is deleted when all the browser windows are closed. But opting out of some of these cookies may have an effect on your browsing experience. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. These cookies are used for advertising, site analytics, and other operational purposes. 2020 Annual Report. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. This cookie is used by Leadlander. 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. privacy. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Verafins innovative anti-money laundering and fraud platform and client breadth. Verafin now offers an all-in-one Anti-Financial Crime Platform for, Automating for Efficiency in your BSA/AML and Fraud Program, Navigating the Rising Challenge of Human Trafficking, Financial Crime Management for Credit Unions, Quarterly Cloud Insights Uncovered Q1 2023, Verafin Financial Crime Management iCore360. 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 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 information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. You also have the option to opt-out of these cookies. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Please refer to our, 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. Bing Ads sets this cookie to engage with a user that has previously visited the website. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Sign up to receive the latest educational resources about today's financial Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. teamwork, entrepreneurship, and a commitment to continued growth and development. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. Used by Microsoft Advertising as a unique ID for visitors. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. hub. 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. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. 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 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.