verafin annual report

This cookie is used by Leadlander. Nasdaqs ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. in place and continue to lead the companys growth. By clicking Accept, you consent to the use of ALL the cookies. 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. C$100 million in annual recurring . The transaction is expected to increase revenue contribution from the highest-growth Market Technology and Investment Intelligence segment to 47% (from 45%) of total Nasdaq net revenue2 pro forma for the third quarter of 2020. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. Verafins research and development. 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. $('#wpaloginform').submit(function( ) { LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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 This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . 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. Houlihan Lokey served as the financial advisor to Verafin. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. Verafin has grown at a compound annual revenue growth rate of approximately 30% over the last three years. 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; 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 The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. Automation and vendor solutions, a US$13billion Visit www.verafin.com, email info@verafin.com or call 1.877.368.9986. This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive However you may visit Cookie Settings to provide a controlled consent. 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. Get a D&B Hoovers Free Trial. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Represents non-GAAP EBITDA margin percentage plus annual growth rate. 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 This website uses cookies to improve your experience while you navigate through the website. 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. St. John's, NL A1A 0L9. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. This website uses cookies to improve your experience while you navigate through the website. privacy. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. The forward-looking statements included in this communication are made only as of the date hereof. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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 Here's a list of some of the top trending technologies and APIs used by Verafin. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. 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; ARR does not have any standardized 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. 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. Nasdaq or Verafin, and the anticipated timing of closing of the proposed transaction. 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. Verafins results will be reported within Nasdaqs Market Technology segment. Connect with us on Social or feel free to contact us with any inquiries. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. services enables clients to optimize and execute their business vision with confidence. Software Updates. 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. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. Records the default button state of the corresponding category & the status of CCPA. These cookies track visitors across websites and collect information to provide customized ads. this transaction. These cookies will be stored in your browser only with your consent. This cookie is used to store the referral link when a user initially discovers on Verafins website. Bing Ads sets this cookie to engage with a user that has previously visited the website. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! 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 pattern element in the name contains the unique identity number of the account or website it relates to. supporting innovation and growth in St. Johns and Newfoundland and Labrador. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Driving the market is an uptick . Nasdaqs and 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. Who is Verafin? This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 7819, Media, Analysts and General Contact 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. 18 Hebron Way. Copy and paste multiple symbols separated by spaces. Report incorrect company information. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Bloomberg Anywhere Remote Login. 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 Award-Winning Sales Intel. Investors should not rely on any single financial measure when evaluating these businesses. This investment by Nasdaq, a global Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. scalable, subscription revenue.. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Verafins innovative anti-money laundering and fraud platform and client breadth. discussion of this and other non-GAAP measures. This cookie is used to store user's information to prepopulate the forms and track user's site usage. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. } 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. 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 But opting out of some of these cookies may have an effect on your browsing experience. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. alert("Please enter your email address"); This cookie is used to store the user consent for the cookies in the category "Analytics". Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. 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. Operating Status Active. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Verafin has raised a total of $454M in funding over 5 rounds. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. 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. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. Sachs& Co. LLC, Morgan Stanley and TD Securities. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. 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. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. "Bloomberg Opinion" columnists offer their opinions on issues in the news. return on invested capital, and IRR objectives. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Analytical cookies are used to understand how visitors interact with the website. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. READ MORE 2021 Proxy Statement. LinkedIn sets this cookie to remember a user's language setting. This cookie is used to store the user consent for the cookies in the category "Performance". As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. 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. Excludes the impact of purchase accounting write-down on deferred revenue. Longview Communications& Public Affairs (Canada). displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Used by Microsoft Advertising as a unique ID for visitors. Canada. Additional financial terms were not disclosed. 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. These cookies track visitors across websites and collect information to provide customized ads. The cookie is used to analyse the website's visitors and monitor traffic patterns. 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. 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. 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. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. This documentary-style series follows investigative journalists as they uncover the truth. This website uses cookies to improve your experience while you navigate through the website. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. This cookie is used to record the user consent for the cookies in the "Advertisement" category. The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics Microsoft Clarity cookie. These cookies ensure basic functionalities and security features of the website, anonymously. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is a session cookie and is deleted when all the browser windows are closed. Additionally, we are committed to These symbols will be available throughout the site during your session. Documents from Prior Periods. 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. The pattern element in the name contains the unique identity number of the account or website it relates to. At the time, we were talking. Verafin is the industry leader in 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. SaaS companies. 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. Corporate and Investor Relations Contact This cookie is used to store the referral link when a user initially discovers on Verafins website. 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. Verafin's. EMEA +44 20 7330 7500. As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. Refer to the non-GAAP information section of this release for a Great journalism delivered straight to your inbox. 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