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. Type a symbol or company name. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Valuable research and technology reports. LinkedIn sets this cookie to remember a user's language setting. Bloomberg Anywhere Remote Login. Additionally, we are committed to 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. transaction with a combination of US$2.5billion of debt and cash on hand and expects debt / non-GAAP EBITDA leverage to be approximately 3.9x pro forma for the transaction. Do Not Sell My Personal Information (CA Residents Only). Nasdaqs and scalable, subscription revenue.. 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. 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. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Used by Microsoft Advertising as a unique ID for visitors. Subscribe now to start reading premium, award-winning journalism. Bing Ads sets this cookie to engage with a user that has previously visited the website. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, 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. Verafin has industry endorsements in 47 states, including the Texas Bankers Association, Western Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, and Credit Union National Association Strategic Services. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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; Bing Ads sets this cookie to engage with a user that has previously visited the website. demands innovative action. Verafins comprehensive suite of anti-financial crime management products with Nasdaqs reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that alert("Please enter your email address"); ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by customers. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial Asia Pacific +65 6212 1000. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. To track previous page view id and url. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the transaction and Nasdaqs plans, objectives, expectations and intentions with respect to its business andVerafin. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . LinkedIn sets the lidc cookie to facilitate data center selection. with U.S. GAAP. Articles, Webinars, White Papers and more. Verafins existing executive leadership team will continue to lead the company. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. 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 Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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 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. You also have the option to opt-out of these cookies. LinkedIn sets this cookie to store performed actions on the website. 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. Sign up to receive the latest educational resources about today's financial largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. 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 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 Verafins results will be reported within Nasdaqs Market Technology segment. Founders Brendan Brothers, Jamie King, Raymond Pretty. 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. ARR for a given period is the annualized revenue of active contracts. Recession Risk Determine whether Verafin Usa grew or shrank during the last recession. These cookies are used for advertising, site analytics, and other operational purposes. 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. hereof. 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. The acquisition strengthens Nasdaqs Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory These symbols will be available throughout the site during your session. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. The agreement to acquire Verafin was announced on November 19, 2020. This cookie is used to store the user consent for the cookies in the category "Other". The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Corporate and Investor Relations Contact These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. This cookie is used to store the user consent for the cookies in the category "Performance". READ MORE Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Microsoft Clarity cookie. LinkedIn sets this cookie to remember a user's language setting. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. Microsoft Clarity cookie. These cookies ensure basic functionalities and security features of the website, anonymously. To track previous page view id and url. 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 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. LinkedIn sets the lidc cookie to facilitate data center selection. . Type a symbol or company name. The cookie is used to store if a user has or has not consented to the use of cookies. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. operate, and combatting financial crime is central to achieving our goals. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Blogs. Osler, Hoskin& Harcourt LLP acted as 2021 Proxy Statement. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . 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 Sales bookings and deal size at the company each grew by. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. in place and continue to lead the companys growth. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Copyright 2019, Verafin Solutions ULC All rights reserved. . Represents non-GAAP EBITDA margin percentage plus annual growth rate. Manage Products and Account Information. Read our 2022Proxy Statement and Form 10-K. 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. Verafin has raised a total of $454M in funding over 5 rounds. This cookie is used to store the user consent for the cookies in the category "Analytics". may be different from non-GAAP measures used by other companies. The cookie is used to store if a user has or has not consented to the use of cookies. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. This cookie is to store the resource that was in user's last activity. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. The acquisition of Verafin is also expected to Oil-sands companies had a blockbuster earnings season. 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 Houlihan Lokey served as the financial advisor to Verafin. the last three years. 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. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation However you may visit Cookie Settings to provide a controlled consent. 18 Hebron Way. You also have the option to opt-out of these cookies. We also use third-party cookies that help us analyze and understand how you use this website. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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 . Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. Nasdaqs investment will help Verafin expand its Americas +1 212 318 2000. 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. 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. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. Bing Ads sets this cookie to engage with a user that has previously visited the website. Nasdaq intends to finance the C$100 million in annual recurring . Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Used by Microsoft Advertising as a unique ID for visitors. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. Copyright 2019, Verafin Solutions ULC All rights reserved. Get a D&B Hoovers Free Trial. industry. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. To identify unique web browsers visiting Microsoft sites. 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 . LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. Verafin respects your Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. Verafin Financial Crime Management Jack Henry. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. As a result, Nasdaq is raising its Market 2023, Nasdaq, Inc. All Rights Reserved. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers market. 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. Operating Status Active. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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). These cookies ensure basic functionalities and security features of the website, anonymously.

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