Fact Sheet Archives - Verafin teamwork, entrepreneurship, and a commitment to continued growth and development. 7819, Media, Analysts and General Contact 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. 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. pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75billion in cash, subject to customary adjustments. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. What industry is the company in? 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. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. It is expected to close in the first quarter of 2021. Copy and paste multiple symbols separated by spaces. } LinkedIn sets the lidc cookie to facilitate data center selection. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, Verafin and YayPay. But opting out of some of these cookies may have an effect on your browsing experience. Verafins existing executive leadership team will continue to lead the company. 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. session and campaign data and also keeps track of site usage for the site's analytics report. 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. Verafin Cookie. These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. 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. extraordinary growth and stellar client retention. Create your Watchlist to save your favorite quotes on Nasdaq.com. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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. Verafin: Financial Crime Management Solutions for Financial Institutions Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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 Nasdaqs and We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. But opting out of some of these cookies may have an effect on your browsing experience. Records the default button state of the corresponding category & the status of CCPA. 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. The pattern element in the name contains the unique identity number of the account or website it relates to. 2023, Nasdaq, Inc. All Rights Reserved. The cookie is a session cookie and is deleted when all the browser windows are closed. Verafin Financial Crime Management Jack Henry. This cookie is used to store the user consent for the cookies in the category "Necessary". The cookie is used to store if a user has or has not consented to the use of cookies. 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. 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. 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. Type a symbol or company name. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Chris Mitchell, Managing Director at Spectrum Equity said, We are thrilled to be renewing our partnership with Verafin via this new investment to support its next phase of growth. 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. 1.866.781.8433. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. This cookie is to record user's consent for the cookies in the category "Functional". Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. hub. The cookie is a session cookie and is deleted when all the browser windows are closed. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. and infrastructure provider. 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. Investigator for anti-money laundering (AML). LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. This cookie is used to store the user consent for the cookies in the category "Analytics". Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Verafin - Funding, Financials, Valuation & Investors definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. These cookies track visitors across websites and collect information to provide customized ads. Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. At the time, we were talking. It works only in coordination with the primary cookie. The cookie is a session cookie and is deleted when all the browser windows are closed. 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. 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). The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. We also use third-party cookies that help us analyze and understand how you use this website. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. 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 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. The pattern element in the name contains the unique identity number of the account or website it relates to. ARR does not have any standardized The Logic 2023 The Logic Inc. All Rights Reserved. This cookie is used to store the user consent for the cookies in the category "Other". 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. The agreement to acquire Verafin was announced on November 19, 2020. 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. 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. 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 Verafin's quiet, huge success: Canada's largest venture funding deal Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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; These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The cookie is used to store if a user has or has not consented to the use of cookies. Ottawas heart institute promises to return US$250,000 grant from bankrupt FTX empire, New federal innovation organization will levy penalties on publicly subsidized IP leaving country, Enthusiast Gaming accuses former executive of calculated coup against CEO, U.S.-based startup with plans to store carbon in deep oceans skips Canada for Iceland. Verafin Cookie. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). Asia Pacific +65 6212 1000. Last Funding Type Private Equity. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Breaking down Nasdaq's US$2.75-billion deal for Newfoundland tech 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. Valuable research and technology reports. Necessary cookies are absolutely essential for the website to function properly. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 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. Investors should not rely on any single financial measure when evaluating these businesses. Verafin Cookie. Nasdaq 4Q21 Quarterly Update It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. 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
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