industry. This cookie is used to store the user consent for the cookies in the category "Performance". These cookies ensure basic functionalities and security features of the website, anonymously. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. READ MORE Verafin Financial Crime Management Jack Henry. Configurable Dashboards Manage and transform your information into key business insights. This cookie is to store the resource that was in user's last activity. 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 . Articles, Webinars, White Papers and more. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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 relationships, operating results, and business generally. When used in this communication, words such as intends, plans, The acquisition strengthens Nasdaqs Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The forward-looking statements included in this communication are made only as of the date Osler, Hoskin& Harcourt LLP acted as 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. Nasdaq intends to finance the This cookie is to store the resource that was in user's last activity. privacy. Nasdaqs clear commitments to the Province will help foster prosperity The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. }); 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. Last Funding Type Private Equity. industry. In order to foster the next generation of talent in the province and help support Verafins growing Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! 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. 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 Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. Bing Ads sets this cookie to engage with a user that has previously visited the website. Necessary cookies are absolutely essential for the website to function properly. and infrastructure provider. 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. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those . Type a symbol or company name. This cookie is used to record the user consent for the cookies in the "Advertisement" category. At the time, we were talking. 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 To connect multiple page views by a user into a single Clarity session recording. This cookie is used to store the user consent for the cookies in the category "Necessary". Investigator for anti-money laundering (AML). Financial institutions face significant challenges in detecting and preventing financial crime, and therefore invest significant capital and resources in combatting an ever-increasing threat to the integrity of the global financial system. 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. This cookie is used by Leadlander. 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. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. 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 user's last activity, it is created by user's last activity time following with a unique multiple-digit number as session ID. The pattern element in the name contains the unique identity number of the account or website it relates to. This cookie is to record user's consent for the cookies in the category "Functional". Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? 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. . 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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. 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; Articles, Webinars, White Papers and more. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. The agreement to acquire Verafin was announced on November 19, 2020. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain This cookie is used to store the user consent for the cookies in the category "Performance". scalable, subscription revenue.. 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 The agreement will combine authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Forward-looking statements These cookies will be stored in your browser only with your consent. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Houlihan Lokey served as the financial advisor to Verafin. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Verafins existing executive leadership team will continue to lead the company. Used by Microsoft Advertising as a unique ID for visitors. This cookie is to record user's consent for the cookies in the category "Functional". 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Represents revenues less transaction-based expenses. The company's line of business includes providing computer programming services. Represents one of the largest ever growth financings of a Canadian software business, Funding will accelerate Verafins product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 18 Hebron Way. The transaction accelerates Nasdaq's ongoing . 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Verafin raised a total of $422.2 M in funding over 3 rounds. To track previous page view id and url. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Bing Ads sets this cookie to engage with a user that has previously visited the website. 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. well as future charges or reversals outside of the normal course of business. Records the default button state of the corresponding category & the status of CCPA. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. The cookie is used to store if a user has or has not consented to the use of cookies. However you may visit Cookie Settings to provide a controlled consent. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. With Security in the Verafin Cloud The Verafin Cloud is a secure infrastructure for data storage and analysis, which provides convenient, on-demand access to the Verafin Verafins secure cloud infrastructure enables technology advancements,superior customer service and application enhancements. Microsoft Clarity cookie. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. . Type a symbol or company name. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. To connect multiple page views by a user into a single Clarity session recording. These symbols will be available throughout the site during your session. Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. The forward-looking statements included in this communication are made only as of the date hereof. Phone Number 877.368.9986. These cookies are used for advertising, site analytics, and other operational purposes. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a This cookie is used to record the user consent for the cookies in the "Advertisement" category. Verafin has raised a total of $454M in funding over 5 rounds. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 2023, Nasdaq, Inc. All Rights Reserved. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Americas +1 212 318 2000. Create your Watchlist to save your favorite quotes on Nasdaq.com. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its comparative measure. Verafin has industry endorsements in 47 states, including the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and Credit Union National Association Strategic Services. operate, and combatting financial crime is central to achieving our goals. 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. Refer to the non-GAAP information section of this release for 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. We also use third-party cookies that help us analyze and understand how you use this website. LinkedIn sets this cookie to remember a user's language setting. 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.. The cookie is used to analyse the website's visitors and monitor traffic patterns. This cookie is used to store the user consent for the cookies in the category "Other". Sachs& Co. LLC, Morgan Stanley and TD Securities. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. You also have the option to opt-out of these cookies. Verafin is a company that provides financial crime management solutions. 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. 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. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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 Verafin Inc was founded in 2003. Verafin is the industry leader in 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. LinkedIn sets the lidc cookie to facilitate data center selection.