The acquisition strengthens Nasdaqs 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.. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive 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 . Verafin's. This cookie is used to store the user consent for the cookies in the category "Necessary". 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. The equity and debt financing follows a period of sustained and rapid growth at Verafin. This investment by Nasdaq, a global Represents revenues less transaction-based expenses. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. Further information on these and other risks and uncertainties relating to Nasdaq can be found in its These symbols will be available throughout the site during your session. investment grade ratings. This cookie is to record user's consent for the cookies in the category "Functional". Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). This documentary-style series follows investigative journalists as they uncover the truth. The agreement to acquire Verafin was announced on November 19, 2020. 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 This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Verafin, the world's largest financial crime management software company, announced today the completion of a C$515 million equity and debt recapitali . 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. This cookie is used to store the user consent for the cookies in the category "Performance". 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. By clicking Accept, you consent to the use of ALL the cookies. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. scalable, subscription revenue.. By clicking Accept, you consent to the use of ALL the cookies. accounting write-down on deferred revenue is excluded in these measures. Sign up to receive the latest educational resources about today's financial operate, and combatting financial crime is central to achieving our goals. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. 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. Verafins research and development. The cookie is a session cookie and is deleted when all the browser windows are closed. Microsoft Clarity cookie. Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests. local employment levels to fuel Verafins growth. Longview Communications& Public Affairs (Canada). services enables clients to optimize and execute their business vision with confidence. LinkedIn sets this cookie to remember a user's language setting. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, Origami Risk, RiskMetrics, SurveyMonkey and World-Check. This cookie is used to store the referral link when a user initially discovers on Verafins website. Nasdaqs clear commitments to the Province will help foster prosperity LinkedIn sets this cookie for LinkedIn Ads ID syncing. This cookie is used to store the user consent for the cookies in the category "Necessary". Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Create your Watchlist to save your favorite quotes on Nasdaq.com. Copy and paste multiple symbols separated by spaces. 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. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. This cookie is used to store the referral link when a user initially discovers on Verafins website. privacy. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. This website uses cookies to improve your experience while you navigate through the 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. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). largest global banks as they collaborate to detect financial crimes to support law enforcement investigations. items. This website uses cookies to improve your experience while you navigate through the website. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial A prior IVP fund provided initial venture capital financing for Verafin in 2009, and a prior Spectrum Equity fund led a substantial growth equity financing in 2014. 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. 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. This cookie is used to store the user consent for the cookies in the category "Performance". leading trade and market surveillance solution, will empower Nasdaq to play an increasingly important role in building stronger economies around the world, said Adena Friedman, President 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. 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; 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 These cookies track visitors across websites and collect information to provide customized ads. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . 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. In order to foster the next generation of talent in the province and help support Verafins growing 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 This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance 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 Payments fraud is an increasingly complex threat to financial institutions and consumer customers alike. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. if(!$('#wpaloginform #user_email_username').val()) { market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 2023, Nasdaq, Inc. All Rights Reserved. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Corporate and Investor Relations Contact Nasdaq intends to finance the 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The transaction accelerates Nasdaq's ongoing . 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. The forward-looking statements included in this communication are made only as of the date Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. 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. Last Funding Type Private Equity. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. It works only in coordination with the primary cookie. 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. 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We also use third-party cookies that help us analyze and understand how you use this website. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The pattern element in the name contains the unique identity number of the account or website it relates to. Great journalism delivered straight to your inbox. Copyright 2019, Verafin Solutions ULC All rights reserved. LinkedIn sets this cookie to store performed actions on the website. By clicking Accept, you consent to the use of ALL the cookies. LinkedIn sets this cookie for LinkedIn Ads ID syncing. in place and continue to lead the companys growth. READ MORE hub. 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. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Our diverse offering of data, analytics, software and Connect with us on Social or feel free to contact us with any inquiries. 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. These documents are also available under the Investor Relations section of Nasdaq s website at http://ir.nasdaq.com/investor-relations. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry LinkedIn sets this cookie to remember a user's language setting. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment To connect multiple page views by a user into a single Clarity session recording. well as future charges or reversals outside of the normal course of business. It works only in coordination with the primary cookie. Investors should not rely on any single financial measure when evaluating these businesses. Verafins innovative anti-money laundering and fraud platform and client breadth. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. The intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 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. Scotiabank and BDC Venture Capital are the most recent investors. Verafins results will be reported within Nasdaqs Market Technology segment. 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. The forward-looking statements included in this communication are made only as of the date hereof. 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 with U.S. GAAP. The 2021 interagency guidance also listed what is not considered a model, such as standalone systems that flag singular transactions over certain dollar thresholds (such as wire transfers or cash activity). Manage Products and Account Information. Used by Microsoft Advertising as a unique ID for visitors. 1.866.781.8433. Nov 25, 2022. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. Investors should not rely on any single financial measure when evaluating these businesses. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. 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. Who is Verafin? Nasdaq also received financial advice from BofA Securities, Goldman Verafin Inc was founded in 2003. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Operating Status Active. William Blair& Company acted as financial advisor to Verafin in connection with the transaction. will increase Verafins level of charitable giving as the company continues to grow. 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 used to store the user consent for the cookies in the category "Other". 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. 2021 Proxy Statement. As a result, Nasdaq is raising its Market 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. Verafin Financial Crime Management Jack Henry. 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. These cookies are used for advertising, site analytics, and other operational purposes. Verafin's all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, . For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. To track previous page view id and url. 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. To identify unique web browsers visiting Microsoft sites. Links to the webcast and accompanying 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. Verafins legal advisor. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. } 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. extraordinary growth and stellar client retention. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase relationships, operating results, and business generally. 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a 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. This cookie is used by Leadlander. To connect multiple page views by a user into a single Clarity session recording. 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. Analytical cookies are used to understand how visitors interact with the website. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. But opting out of some of these cookies may have an effect on your browsing experience. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. See the bigger picture with reporters and industry experts in subscriber-exclusive events. industry. 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. demands innovative action. 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 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. 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. . 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 . Bing Ads sets this cookie to engage with a user that has previously visited the website. session and campaign data and also keeps track of site usage for the site's analytics report. future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the proposed transaction; and the effect of the announcement or pendency of the transaction on Verafins business 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. 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.
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