Sign up to receive the latest educational resources about today's financial 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. Verafin Financial Crime Management Jack Henry. On Thursday, November19, 2020 at 8:00 a.m. Create your Watchlist to save your favorite quotes on Nasdaq.com. Verafin Company Profile - Office Locations, Competitors, Financials These cookies track visitors across websites and collect information to provide customized ads. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. 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. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. This cookie is used by Leadlander. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. 18 Hebron Way. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. LinkedIn sets this cookie for LinkedIn Ads ID syncing. annual recurring revenue growth, or ARR1, within a US$13billion addressable Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The transaction is subject to regulatory approvals and other customary closing conditions. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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 To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. Excludes the impact of purchase accounting write-down on deferred revenue. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. These cookies ensure basic functionalities and security features of the website, anonymously. may be different from non-GAAP measures used by other companies. To connect multiple page views by a user into a single Clarity session recording. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Bing Ads sets this cookie to engage with a user that has previously visited the website. . Verafin has raised a total of $454M in funding over 5 rounds. The pattern element in the name contains the unique identity number of the account or website it relates to. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Automation and vendor solutions, a US$13billion Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. Represents revenues less transaction-based expenses. supporting innovation and growth in St. Johns and Newfoundland and Labrador. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. This cookie is to store the resource that was in user's last activity. Connect with us on Social or feel free to contact us with any inquiries. 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. comparative measure. Verafin's. ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Verafin, the worlds largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitalization. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. Forward-looking statements Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. Analytical cookies are used to understand how visitors interact with the website. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). 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. Microsoft Clarity cookie. 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. This cookie is to store the resource that was in user's last activity. These cookies track visitors across websites and collect information to provide customized ads. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. This website uses cookies to improve your experience while you navigate through the website. Americas +1 212 318 2000. 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Necessary cookies are absolutely essential for the website to function properly. Investors should not rely on any single financial measure when evaluating these businesses. 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. The agreement will combine Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. You can withdraw your consent at any time. This cookie is used to record the user consent for the cookies in the "Advertisement" category. However you may visit Cookie Settings to provide a controlled consent. 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. 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. $('#wpaloginform').submit(function( ) { teamwork, entrepreneurship, and a commitment to continued growth and development. 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. What will they do with all the cash? 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Verafin respects your LinkedIn sets this cookie to store performed actions on the website. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. This cookie is to record user's consent for the cookies in the category "Functional". Verafin raised a total of $422.2 M in funding over 3 rounds. 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 . Get a D&B Hoovers Free Trial. To this end, Nasdaq 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. Learn More About CTRs > Learn More About SARs > Integrated Case Management. We also use third-party cookies that help us analyze and understand how you use this website. Nasdaq intends to pursue its . 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. Nasdaq intends to finance the Driving the market is an uptick . 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. 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. 1.866.781.8433. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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 will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Verafins innovative anti-money laundering and fraud platform and client breadth. employment base, Nasdaq will work closely with Memorial University to grow its scholarship program at the University, enhance its co-op programs, and fund and supervise at least six Mitacs fellowships annually Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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 and identify a user's unique session ID for the purpose of managing user session on the website. Association, Massachusetts Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states. 2023, Nasdaq, Inc. All Rights Reserved. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); 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). headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. These cookies will be stored in your browser only with your consent. Nasdaqs investment will help Verafin expand its www.sec.gov. Verafin is the industry leader in The cookie stores information anonymously and assigns a randomly generated number to recognize unique . will increase Verafins level of charitable giving as the company continues to grow. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Compare how recession-proof Verafin Usa is relative to the industry overall. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Verafin is the 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 . The forward-looking statements included in this communication are made only as of the date hereof. 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 Verafin: Financial Crime Management Solutions for Financial Institutions 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. Bing Ads sets this cookie to engage with a user that has previously visited the website. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. This cookie is used to store the user consent for the cookies in the category "Other". Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. alert("Please enter your email address"); . To identify unique web browsers visiting Microsoft sites. Copyright 2019, Verafin Solutions ULC 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. ET, Nasdaq will host a webcast presentation to discuss the transaction. Bloomberg Anywhere Remote Login. Verafin uses artificial intelligence and machine learning for cross-institutional, multi-channel analysis to show you truly unusual activity with a single alert, saving you time and providing you with the information you need to decide how to proceed. 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 press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. hereof. This cookie is to record user's consent for the cookies in the category "Functional". Do Not Sell My Personal Information (CA Residents Only). Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. return on invested capital, and IRR objectives. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. But opting out of some of these cookies may have an effect on your browsing experience. At the time, we were talking. Please refer to our, 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.
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