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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. Bing Ads sets this cookie to engage with a user that has previously visited the website. Investigator for anti-money laundering (AML). SaaS companies. with U.S. GAAP. 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. Verafin's. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. 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 Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? The cookie is used to store if a user has or has not consented to the use of cookies. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. 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. existing capital deployment plan, including dividend payments and share repurchases, consistent with past practice, and expects to de-lever over time to return to a leverage ratio consistent with its current In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. "Bloomberg Opinion" columnists offer their opinions on issues in the news. We also use third-party cookies that help us analyze and understand how you use this website. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. These cookies will be stored in your browser only with your consent. 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. Houlihan Lokey served as the financial advisor to Verafin. The transaction accelerates Nasdaq's ongoing . will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. privacy. The pattern element in the name contains the unique identity number of the account or website it relates to. 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. However you may visit Cookie Settings to provide a controlled consent. But opting out of some of these cookies may have an effect on your browsing experience. Documents from Prior Periods. READ MORE Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Microsoft Clarity cookie. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. 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. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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 The acquisition of Verafin is also expected to At the time, we were talking. 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. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Investors should not rely on any single financial measure when evaluating these businesses. This cookie is used to store the user consent for the cookies in the category "Other". Operating Status Active. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. 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. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Verafin has grown at a compound annual revenue growth rate of approximately 30% over Compare how recession-proof Verafin Usa is relative to the industry overall. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Report Quarterly Cloud Insights Q1 2022 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 . Verafin Inc was founded in 2003. On Thursday, November19, 2020 at 8:00 a.m. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. To identify unique web browsers visiting Microsoft sites. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. 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. 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. Verafin has raised a total of $454M in funding over 5 rounds. See the bigger picture with reporters and industry experts in subscriber-exclusive events. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); Articles, Webinars, White Papers and more. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Sign up to receive the latest educational resources about today's financial Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. Forward-looking statements 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 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. The cookie is used to store if a user has or has not consented to the use of cookies. Verafin Cookie. 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. These cookies track visitors across websites and collect information to provide customized ads. Used by Microsoft Advertising as a unique ID for visitors. To track previous page view id and url. $('#wpaloginform').submit(function( ) { Records the default button state of the corresponding category & the status of CCPA. This website uses cookies to improve your experience while you navigate through the website. The pattern element in the name contains the unique identity number of the account or website it relates to. 7819, Media, Analysts and General Contact It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. These cookies will be stored in your browser only with your consent. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by customers. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data 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. Necessary cookies are absolutely essential for the website to function properly. 18 Hebron Way. items. 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 respects your 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. Microsoft Clarity cookie. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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 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. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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). hereof. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. Asia Pacific +65 6212 1000. alert("Please enter your email address"); Oil-sands companies had a blockbuster earnings season. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Verafins research and development. 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. 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. You can withdraw your consent at anytime. 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. It works only in coordination with the primary cookie. 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. 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.