privacy. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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. This cookie is used by Leadlander. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. We also use third-party cookies that help us analyze and understand how you use this website. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Canada. market. 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. 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 discussion of this and other non-GAAP measures. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. For more information, visit http://www.informationvp.com. investment grade ratings. 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. 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. Analytical cookies are used to understand how visitors interact with the website. However you may visit Cookie Settings to provide a controlled consent. Connect with us on Social or feel free to contact us with any inquiries. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. $=jQuery; Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. To track previous page view id and url. 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. EMEA +44 20 7330 7500. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. 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Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. On Thursday, November19, 2020 at 8:00 a.m. 2023, Nasdaq, Inc. All Rights Reserved. These measures are not in accordance with, or an alternative to, U.S. GAAP, and Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Investors should not rely on any single financial measure when evaluating these businesses. Verafin is a company that provides financial crime management solutions. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. www.sec.gov. Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. Verafin Completes C$515 Million Equity and Debt Recapitalization Analytical cookies are used to understand how visitors interact with the website. LinkedIn sets this cookie to remember a user's language setting. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. The equity and debt financing follows a period of sustained and rapid growth at Verafin. Configurable Dashboards Manage and transform your information into key business insights. Nasdaq buying N.L. online security company Verafin in $2.75B US deal - CBC 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. 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. Longview Communications& Public Affairs (Canada). 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. At the time, we were talking. Documents from Prior Periods. These cookies ensure basic functionalities and security features of the website, anonymously. St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. scalable, subscription revenue.. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . This cookie is to record user's consent for the cookies in the category "Functional". Financials | Markel Corp. 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. It is expected to close in the first quarter of 2021. Quarterly Cloud . Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! Oil-sands companies had a blockbuster earnings season. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of When used in this communication, words such as intends, plans, 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; Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. 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. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M To connect multiple page views by a user into a single Clarity session recording. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating This cookie is used to store the user consent for the cookies in the category "Other". Nasdaq intends to finance the The cookie is used to store if a user has or has not consented to the use of cookies. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth if(!$('#wpaloginform #user_email_username').val()) { 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. The agreement will combine Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. LinkedIn sets the lidc cookie to facilitate data center selection. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. Verafin: Financial Crime Management Solutions for Financial Institutions well as future charges or reversals outside of the normal course of business. 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 } Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. Verafin Cookie. At the time, Verafin CEO Jamie King said the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of Nasdaq 4Q21 Quarterly Update Operating Status Active. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Verafin's blockbuster sale: A tech success story, decades in the - CBC The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. Tel. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These cookies track visitors across websites and collect information to provide customized ads. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. This cookie is used to record the user consent for the cookies in the "Advertisement" category. This cookie is used to store the referral link when a user initially discovers on Verafins website. To connect multiple page views by a user into a single Clarity session recording. The transaction accelerates Nasdaq's ongoing . David Westin speaks with top names in finance about the week's biggest issues on Wall Street. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Do Not Sell My Personal Information (CA Residents Only). Award-Winning Sales Intel. 2021 Proxy Statement. $('#wpaloginform').submit(function( ) { 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. Used by Microsoft Advertising as a unique ID for visitors. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. and infrastructure provider. By clicking Accept, you consent to the use of ALL the cookies. This cookie is used to store the referral link when a user initially discovers on Verafins website. Records the default button state of the corresponding category & the status of CCPA. . Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Ex-99.1 Verafin respects your Verafin respects your C$100 million in annual recurring . Verafins innovative anti-money laundering and fraud platform and client breadth. for Masters and PhD students. This cookie is used to store the user consent for the cookies in the category "Analytics". These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Necessary cookies are absolutely essential for the website to function properly. This cookie is to record user's consent for the cookies in the category "Functional". Annual Report on Verafin Usa's Revenue, Growth, SWOT Analysis Used by Microsoft Advertising as a unique ID for visitors. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). hub. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Articles, Webinars, White Papers and more. Verafin - Funding, Financials, Valuation & Investors However you may visit Cookie Settings to provide a controlled consent. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. This cookie is to store the resource that was in user's last activity. 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. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Quarterly results Annual reports SEC filings Financial strength rating 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. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. annual recurring revenue growth, or ARR1, within a US$13billion addressable Verafin's. 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. This website uses cookies to improve your experience while you navigate through the website. These cookies are used for advertising, site analytics, and other operational purposes. 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. 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. 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. However you may visit Cookie Settings to provide a controlled consent. Microsoft Clarity cookie. 1.866.781.8433. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Create your Watchlist to save your favorite quotes on Nasdaq.com. The cookie is a session cookie and is deleted when all the browser windows are closed. This cookie is used to store the user consent for the cookies in the category "Necessary". the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. 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 . LinkedIn sets this cookie to store performed actions on the website. The Logic 2023 The Logic Inc. All Rights Reserved. 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. 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. Subscribe now to start reading premium, award-winning journalism. This website uses cookies to improve your experience while you navigate through the website. This cookie is used to store the user consent for the cookies in the category "Other". In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and 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. session and campaign data and also keeps track of site usage for the site's analytics report. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. leading trade and market surveillance solution, will empower Nasdaq to play an increasingly important role in building stronger economies around the world, said Adena Friedman, President This investment by Nasdaq, a global industry. extraordinary growth and stellar client retention. Ottawas heart institute promises to return US$250,000 grant from bankrupt FTX empire, New federal innovation organization will levy penalties on publicly subsidized IP leaving country, Enthusiast Gaming accuses former executive of calculated coup against CEO, U.S.-based startup with plans to store carbon in deep oceans skips Canada for Iceland. The cookie is used to store if a user has or has not consented to the use of cookies. 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. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that