LinkedIn sets this cookie for LinkedIn Ads ID syncing. This combination meaningfully accelerates the evolution of our business mix toward highly Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. The agreement to acquire Verafin was announced on November 19, 2020. 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. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. hereof. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. industry. This cookie is used to store the user consent for the cookies in the category "Necessary". displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. discussion of this and other non-GAAP measures. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. Type a symbol or company name. Articles, Webinars, White Papers and more. Necessary cookies are absolutely essential for the website to function properly. 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. privacy. Over 2,000 banks and alert("Please enter your email address"); Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. This cookie is used by Leadlander. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Relying on siloed teams, spreadsheets, By following the money, financial institutions and investigators play a critical role in the fight against human trafficking helping to uncover the perpetrators and Verafin is the industrys leading Financial Crime Management platform, trusted by 1200 credit unions to strengthen compliance and combat evolving financial crimes. 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. In order to foster the next generation of talent in the province and help support Verafins growing 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. This cookie is to record user's consent for the cookies in the category "Functional". Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. The Logic 2023 The Logic Inc. All Rights Reserved. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. This cookie is to record user's consent for the cookies in the category "Functional". Corporate and Investor Relations Contact We also use third-party cookies that help us analyze and understand how you use this website. We also use third-party cookies that help us analyze and understand how you use this website. "Bloomberg Opinion" columnists offer their opinions on issues in the news. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Verafins existing executive leadership team will continue to lead the company. Investigator for anti-money laundering (AML). involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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. These measures are not in accordance with, or an alternative to, U.S. GAAP, and 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. Nasdaqs investment will help Verafin expand its Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. 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. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers LinkedIn sets the lidc cookie to facilitate data center selection. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. 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To this end, Nasdaq 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. 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. These cookies track visitors across websites and collect information to provide customized ads. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . ARR for a given period is the annualized revenue of active contracts. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). 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. 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. www.sec.gov. Quarterly results Annual reports SEC filings Financial strength rating 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. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. expectations with respect to Verafins business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. Canada. 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. Excludes the impact of purchase accounting write-down on deferred revenue. Asia Pacific +65 6212 1000. 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 store the user consent for the cookies in the category "Performance". The cookie is used to analyse the website's visitors and monitor traffic patterns. Additionally, we are committed to Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. ET, Nasdaq will host a webcast presentation to discuss the transaction. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. existing regulatory technology and anti-financial crime solutions, which include its renowned Nasdaq Trade and Market Surveillance offering, its Buy-side Compliance product, as well as the Nasdaq Automated institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. What will they do with all the cash? 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. 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 company's line of business includes providing computer programming services. LinkedIn sets this cookie to store performed actions on the website. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Oil-sands companies had a blockbuster earnings season. Stores the Clarity User ID and preferences, unique to that site, on the browser. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. 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 will be stored in your browser only with your consent. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. See the bigger picture with reporters and industry experts in subscriber-exclusive events. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. 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.. Verafin has enjoyed tremendous growth in recent years, and its long-term vision of fighting financial crime through collaboration and cross-institutional analysis is fast becoming the industry standard for fraud detection and anti-money laundering (AML) regulatory compliance. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in These cookies ensure basic functionalities and security features of the website, anonymously. 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. 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 This website uses cookies to improve your experience while you navigate through the website. 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 cookie is used to store the user consent for the cookies in the category "Other". 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics 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. 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. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating Bloomberg Anywhere Remote Login. Verafin is the industry leader in enterprise financial crime management, providing a cloud-based, secure software platform for fraud detection and management, BSA/AML compliance and management, high-risk customer management and information sharing. LinkedIn sets this cookie to store performed actions on the website. Americas +1 212 318 2000. 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. Sign up to receive the latest educational resources about today's financial Automation and vendor solutions, a US$13billion 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 learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Records the default button state of the corresponding category & the status of CCPA. What industry is the company in? Type a symbol or company name. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Bing Ads sets this cookie to engage with a user that has previously visited the website. Analytical cookies are used to understand how visitors interact with the 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. This press release includes certain non-GAAP financial Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. When used in this communication, words such as intends, plans, Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. accounting write-down on deferred revenue is excluded in these measures. Scotiabank and BDC Venture Capital are the most recent investors. 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. items. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. To track previous page view id and url. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Verafins existing executive leadership team will continue to lead the company. Spectrum Equity, 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 READ MORE 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 will be stored in your browser only with your consent. The agreement to acquire Verafin was announced on November 19, 2020. You can withdraw your consent at anytime. 1.866.781.8433. 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. largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs The forward-looking statements included in this communication are made only as of the date hereof. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. These cookies track visitors across websites and collect information to provide customized ads. Nasdaq intends to pursue its Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. 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. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. 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 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 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 . 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. 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. demands innovative action. The forward-looking statements included in this communication are made only as of the date hereof. This cookie is used to store the user consent for the cookies in the category "Necessary". 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 investment grade ratings. This cookie is to store the resource that was in user's last activity. The acquisition of Verafin is also expected to This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Blogs. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. LinkedIn sets this cookie to remember a user's language setting.

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