verafin annual report

Used by Microsoft Advertising as a unique ID for visitors. This cookie is used to store the referral link when a user initially discovers on Verafins website. These cookies ensure basic functionalities and security features of the website, anonymously. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Verafin is funded by 10 investors. 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 The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. At the time, Verafin CEO Jamie King. 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. "Bloomberg Opinion" columnists offer their opinions on issues in the news. At the time, we were talking. . 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. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. headquarters in St. Johns., Nasdaqs Investment in St. Johns, Newfoundland and Labrador and Canada. and Chief Executive Officer, Nasdaq. with U.S. GAAP. To connect multiple page views by a user into a single Clarity session recording. hereof. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. 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. This cookie is used to store the user consent for the cookies in the category "Performance". However you may visit Cookie Settings to provide a controlled consent. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. Over 2,000 banks and However you may visit Cookie Settings to provide a controlled consent. The cookie is a session cookie and is deleted when all the browser windows are closed. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs $('#wpaloginform').submit(function( ) { Award-Winning Sales Intel. Analytical cookies are used to understand how visitors interact with the website. Asia Pacific +65 6212 1000. Nasdaq also received financial advice from BofA Securities, Goldman 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. 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 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. 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. 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. 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. 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; Verafins existing executive leadership team will continue to lead the company. Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Nasdaqs investment will help Verafin expand its This cookie is used to store the referral link when a user initially discovers on Verafins website. Necessary cookies are absolutely essential for the website to function properly. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. 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. hub. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. 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 Bloomberg Anywhere Remote Login. Crossing Boundaries: The Expansive Threat of BEC, Do Not Sell My Personal Information (CA Residents Only). 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. 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; 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. industry. Verafins legal advisor. operate, and combatting financial crime is central to achieving our goals. 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. The acquisition of Verafin is also expected to For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. 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. Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. 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. This cookie is used to store user's information to prepopulate the forms and track user's site usage. Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. What will they do with all the cash? Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The agreement will combine market. Verafin respects your New equity financing was provided by Spectrum Equitys current investing fund and Information Venture Partners (IVP) new fund with participation by new backers Northleaf Capital Partners, BDC Capital and Teralys Capital. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. 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. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Founders Brendan Brothers, Jamie King, Raymond Pretty. You also have the option to opt-out of these cookies. Analytical cookies are used to understand how visitors interact with the website. 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. Nasdaq and Verafin disclaim any obligation to update these forward-looking statements, except as required by law. These cookies are used for advertising, site analytics, and other operational purposes. SaaS companies. 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. Copyright 2019, Verafin Solutions ULC All rights reserved. The transaction is subject to regulatory approvals and other customary closing conditions. This cookie is used to store the user consent for the cookies in the category "Analytics". This cookie is to store the resource that was in user's last activity. 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. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. alert("Please enter your email address"); extraordinary growth and stellar client retention. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. 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 Nasdaqs and and infrastructure provider. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. The cookie is used to store if a user has or has not consented to the use of cookies. 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.. 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 Industry trends & hot topics delivered to your inbox. Microsoft Clarity cookie. 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. discussion of this and other non-GAAP measures. Quarterly results Annual reports SEC filings Financial strength rating 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Microsoft Clarity cookie. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. Canada. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. accounting write-down on deferred revenue is excluded in these measures. return on invested capital, and IRR objectives. Nasdaqs clear commitments to the Province will help foster prosperity As a result, Nasdaq is raising its Market This website uses cookies to improve your experience while you navigate through the website. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, 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. 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. 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. This cookie is used to record the user consent for the cookies in the "Advertisement" category. local employment levels to fuel Verafins growth. The forward-looking statements included in this communication are made only as of the date Verafin Cookie. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . This documentary-style series follows investigative journalists as they uncover the truth. Verafin is a company that provides financial crime management solutions. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. 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 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. Criminals perform illicit activity across multiple transaction channels and numerous financial institutions. 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. Articles, Webinars, White Papers and more. The cookie stores information anonymously and assigns a randomly generated number to recognize unique . 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. This press release includes certain non-GAAP financial Up to if(!$('#wpaloginform #user_email_username').val()) { 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. Verafin's. Verafin Financial Crime Management Jack Henry. This cookie is used by Leadlander. 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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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. It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating 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. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. 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 Type a symbol or company name. Verafin expects to deliver in excess of US$140 million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. privacy. LinkedIn sets this cookie to remember a user's language setting. Verafins existing executive leadership team will continue to lead the company. Articles, Webinars, White Papers and more. industry. The pattern element in the name contains the unique identity number of the account or website it relates to. Verafin Cookie. It works only in coordination with the primary cookie. the last three years. annual recurring revenue growth, or ARR1, within a US$13billion addressable 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. alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

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