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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. 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. 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. 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. 2023, Nasdaq, Inc. All Rights Reserved. Create your Watchlist to save your favorite quotes on Nasdaq.com. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. At the time, Verafin CEO Jamie King. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. You can withdraw your consent at anytime. 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 It works only in coordination with the primary cookie. To connect multiple page views by a user into a single Clarity session recording. To track previous page view id and url. LinkedIn sets this cookie to store performed actions on the website. 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. Type a symbol or company name. Nasdaqs clear commitments to the Province will help foster prosperity Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. Osler, Hoskin& Harcourt LLP acted as Award-Winning Sales Intel. To identify unique web browsers visiting Microsoft sites. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Records the default button state of the corresponding category & the status of CCPA. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. 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. Verafin Cookie. However you may visit Cookie Settings to provide a controlled consent. Tel. NEW YORK and ST. JOHN'S, 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.The agreement to acquire Verafin was announced on November 19, 2020.. Analytical cookies are used to understand how visitors interact with the website. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. Nasdaqs and 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. It works only in coordination with the primary cookie. will increase Verafins level of charitable giving as the company continues to grow. Valuable research and technology reports. 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. 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. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. See the bigger picture with reporters and industry experts in subscriber-exclusive events. You can withdraw your consent at any time. strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. 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. "Bloomberg Opinion" columnists offer their opinions on issues in the news. Verafins existing executive leadership team will continue to lead the company. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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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. }); 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's. 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. scalable, subscription revenue.. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. extraordinary growth and stellar client retention. hereof. Our diverse offering of data, analytics, software and 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.. 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; largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. This cookie is used by Leadlander. However you may visit Cookie Settings to provide a controlled consent. But opting out of some of these cookies may have an effect on your browsing experience. We also use third-party cookies that help us analyze and understand how you use this website. Driving the market is an uptick . Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. this transaction. hub. 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. Sign up to receive the latest educational resources about today's financial Copyright 2019, Verafin Solutions ULC All rights reserved. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in Analytical cookies are used to understand how visitors interact with the website. The acquisition strengthens Nasdaqs 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. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. Here's a list of some of the top trending technologies and APIs used by Verafin. 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. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. 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 . This documentary-style series follows investigative journalists as they uncover the truth. As a Nasdaq company, Verafin extends its capabilities to service a global ecosystem of Tier-1 and Tier-2 banks, as well as regulatory authorities and consortium initiatives. 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. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive . 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Used by Microsoft Advertising as a unique ID for visitors. This cookie is used by Leadlander. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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. demands innovative action. Represents non-GAAP EBITDA margin percentage plus annual growth rate. 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. These cookies are used for advertising, site analytics, and other operational purposes. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Further information on these and other risks and uncertainties relating to Nasdaq can be found in its Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Nasdaqs organic growth calculation methodology normally excludes acquired businesses from the measure until they have been part of Nasdaq for a full 12-month period. The equity and debt financing follows a period of sustained and rapid growth at Verafin. 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. Documents from Prior Periods. This cookie is used to store the user consent for the cookies in the category "Necessary". These cookies ensure basic functionalities and security features of the website, anonymously. Verafin Financial Crime Management Jack Henry. The cookie is used to store if a user has or has not consented to the use of cookies. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox.