} 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; We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. 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. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. return on invested capital, and IRR objectives. 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. Sachs& Co. LLC, Morgan Stanley and TD Securities. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. 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. alert("Please enter your email address"); 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Records the default button state of the corresponding category & the status of CCPA. 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. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. 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. 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 The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. 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. ARR for a given period is the annualized revenue of active contracts. Nasdaq intends to finance the We also use third-party cookies that help us analyze and understand how you use this website. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 2023, Nasdaq, Inc. All Rights Reserved. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. In recent years, Verafin has observed a significant increase in wire fraud incidents across the industry, including cases of Business Email Compromise (BEC), targeted consumer Industry trends & hot topics delivered to your inbox. Nasdaq 4Q21 Quarterly Update 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 . Last Funding Type Private Equity. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Analytical cookies are used to understand how visitors interact with the website. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. We also use third-party cookies that help us analyze and understand how you use this website. Verafin is a company that provides financial crime management solutions. 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. These cookies track visitors across websites and collect information to provide customized ads. LinkedIn sets this cookie to store performed actions on the website. Who is Verafin? 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. }); 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. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This cookie is used by Leadlander. You also have the option to opt-out of these cookies. 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. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. 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. Asia Pacific +65 6212 1000. This cookie is to record user's consent for the cookies in the category "Functional". The forward-looking statements included in this communication are made only as of the date hereof. Using artificial intelligence Join industry-leading anti-financial crime experts as they reveal results of trend analysis of an immense set of anonymized data from financial institutions in the Verafin Verafin is the industrys leading Financial Crime Management platform, trusted by financial institutions using iCore360 core banking systems to strengthen compliance and combat evolving financial Industry trends & hot topics delivered to your inbox. 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. Manage Products and Account Information. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. . Forward-looking statements This cookie is to record user's consent for the cookies in the category "Functional". Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. Verafin Cookie. Compare how recession-proof Verafin Usa is relative to the industry overall. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Further information on these and other risk and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with theSECfrom time to time and available atwww.sec.gov. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Interagency statement clarifies model validation expectations Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. 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. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . Verafin has grown at a compound annual revenue growth rate of approximately 30% over may be different from non-GAAP measures used by other companies. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 2020 Annual Report. Nasdaq intends to pursue its 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. Verafins results will be reported within Nasdaqs Market Technology segment. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Driving the market is an uptick . 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 Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. You also have the option to opt-out of these cookies. credit unions use Verafin to effectively fight financial crime and comply with regulations. Learn More About CTRs > Learn More About SARs > Integrated Case Management. Nasdaq Completes Acquisition of Verafin | Nasdaq, Inc. To track previous page view id and url. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. industry. 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. This cookie is to store the resource that was in user's last activity. + Go To Resource The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Quarterly results Annual reports SEC filings Letters to shareholders Financial strength rating Financials Letters to shareholders Read the latest message from Markel's co-chief executive officers to our business partners. Copy and paste multiple symbols separated by spaces. 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). This cookie is to store the resource that was in user's last activity. 1.866.781.8433. Records the default button state of the corresponding category & the status of CCPA. 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. Stores the Clarity User ID and preferences, unique to that site, on the browser. Report Quarterly Cloud Insights Q1 2022 In recent years, Verafin has observed a significant increase in wire fraud incidents across the industry, including cases of Business Email Compromise (BEC), targeted consumer . the last three years. Phone Number 877.368.9986. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Subscribe now to start reading premium, award-winning journalism. Nasdaqs clear commitments to the Province will help foster prosperity Copy and paste multiple symbols separated by spaces. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and 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. 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. Verafins managements use certain of these non-GAAP measures to compare Nasdaqs and Verafins performance to that of prior periods for trend analyses and for budgeting and planning purposes. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years.
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