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. Articles, Webinars, White Papers and more. session and campaign data and also keeps track of site usage for the site's analytics report. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Copyright 2019, Verafin Solutions ULC All rights reserved. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. 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 Learn More About CTRs > Learn More About SARs > Integrated Case Management. This cookie is used by Leadlander. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the 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. 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. To connect multiple page views by a user into a single Clarity session recording. Verafin: Financial Crime Management Solutions for Financial Institutions More than 9 companies reportedly use Verafin products in their tech and software stacks, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, Verafin headquarters are located in 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada, Verafins main industries are: Financial Software, Software, Verafin appears in search results as Verafin, Verafin Inc, Verafi Inc, International Organization for Standardization, Web Hypertext Application Technology Working Group. + Go To Resource Type a symbol or company name. By clicking Accept, you consent to the use of ALL the cookies. To identify unique web browsers visiting Microsoft sites. Scotiabank and BDC Venture Capital are the most recent investors. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . Verafin Inc - Company Profile and News - Bloomberg Markets Verafin Company Profile | Management and Employees List - Datanyze 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. Nasdaqs clear commitments to the Province will help foster prosperity This cookie is used to store the user consent for the cookies in the category "Performance". 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. Form 10-K | Investor.gov LinkedIn sets the lidc cookie to facilitate data center selection. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers 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 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. Necessary cookies are absolutely essential for the website to function properly. Report incorrect company information. Nasdaq buying N.L. online security company Verafin in $2.75B US deal - CBC The forward-looking statements included in this communication are made only as of the date hereof. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Records the default button state of the corresponding category & the status of CCPA. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. 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. 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. ARR for a given period is the annualized revenue of active contracts. Up to Award-Winning Sales Intel. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry US$2 trillion in laundered money flows through the financial system annually according to the United Nations, and criminals continue to find sophisticated methods for moving funds undetected. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. But opting out of some of these cookies may have an effect on your browsing experience. Microsoft Clarity cookie. In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. A prior IVP fund provided initial venture capital financing for Verafin in 2009, and a prior Spectrum Equity fund led a substantial growth equity financing in 2014. } Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Links to the webcast and accompanying It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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. privacy. Additionally, we are committed to To ensure the most secure and best overall experience on our website, we recommend the latest versions of. On Thursday, November19, 2020 at 8:00 a.m. 2023, Nasdaq, Inc. All Rights Reserved. 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. Verafin Financial Crime Management Jack Henry. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. 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. Corporate and Investor Relations Contact As a result, Nasdaq is raising its Market It works only in coordination with the primary cookie. Asia Pacific +65 6212 1000. This cookie is used to store the user consent for the cookies in the category "Analytics". market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. Who is Verafin? 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. These cookies ensure basic functionalities and security features of the website, anonymously. teamwork, entrepreneurship, and a commitment to continued growth and development. well as future charges or reversals outside of the normal course of business. Canada. 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. Nasdaq to Acquire Verafin, Creating a Global Leader in the Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. You also have the option to opt-out of these cookies. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. 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. This cookie is used to store the user consent for the cookies in the category "Performance". This documentary-style series follows investigative journalists as they uncover the truth. This press release includes certain non-GAAP financial This website uses cookies to improve your experience while you navigate through the website. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. privacy. scalable, subscription revenue.. Records the default button state of the corresponding category & the status of CCPA. Verafins research and development. Subscribe now to start reading premium, award-winning journalism. pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75billion in cash, subject to customary adjustments. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. 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. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial To identify unique web browsers visiting Microsoft sites. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. Configurable Dashboards Manage and transform your information into key business insights. 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 Type a symbol or company name. Verafin's quiet, huge success: Canada's largest venture funding deal This cookie is used to store the user consent for the cookies in the category "Necessary". Bing Ads sets this cookie to engage with a user that has previously visited the website. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. This cookie is used to store the user consent for the cookies in the category "Analytics". 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). 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. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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 Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Americas +1 212 318 2000. C$100 million in annual recurring . We also use third-party cookies that help us analyze and understand how you use this website. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Financials | Markel Corp. Necessary cookies are absolutely essential for the website to function properly. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. This cookie is used to store the referral link when a user initially discovers on Verafins website. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. The cookie is used to store if a user has or has not consented to the use of cookies. 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Verafin's blockbuster sale: A tech success story, decades in the - CBC 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 "Bloomberg Opinion" columnists offer their opinions on issues in the news. 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 agreement to acquire Verafin was announced on November 19, 2020. The cookie is a session cookie and is deleted when all the browser windows are closed. It works only in coordination with the primary cookie. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Verafin respects your Blogs. To connect multiple page views by a user into a single Clarity session recording. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. Quarterly Cloud . 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 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. Investors should not rely on any single financial measure when evaluating these businesses. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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 In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Our diverse offering of data, analytics, software and Founders Brendan Brothers, Jamie King, Raymond Pretty. The transaction is subject to regulatory approvals and other customary closing conditions. 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 ARR does not have any standardized Articles, Webinars, White Papers and more. We also use third-party cookies that help us analyze and understand how you use this website. 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. industry. This ensures that behavior in subsequent visits to the same site will be attributed to the same user 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. hereof. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. 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. 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. 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. supporting innovation and growth in St. Johns and Newfoundland and Labrador. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. industry. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that 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.. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Verafin Cookie. Nasdaqs investment will help Verafin expand its 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. 7819, Media, Analysts and General Contact Sign up to receive the latest educational resources about today's financial Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. The cookie is used to store if a user has or has not consented to the use of cookies. The pattern element in the name contains the unique identity number of the account or website it relates to. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.