Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 2021 Proxy Statement. LinkedIn sets this cookie to remember a user's language setting. 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.. Verafin is the 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 . 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EMEA +44 20 7330 7500. This cookie is used to store the referral link when a user initially discovers on Verafins website. Type a symbol or company name. Verafin - CUNA Strategic Services Verafin's blockbuster sale: A tech success story, decades in the - CBC Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Our diverse offering of data, analytics, software and The cookie is a session cookie and is deleted when all the browser windows are closed. 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. 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,. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Verafin raised a total of $422.2 M in funding over 3 rounds. Verafin Cookie. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. this transaction. This cookie is used to store the user consent for the cookies in the category "Performance". 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. Financial institutions face significant challenges in detecting and preventing financial crime, and therefore invest significant capital and resources in combatting an ever-increasing threat to the integrity of the global financial system. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Verafin Completes C$515 Million Equity and Debt Recapitalization 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 Nov 25, 2022. The equity and debt financing follows a period of sustained and rapid growth at Verafin. Americas +1 212 318 2000. The agreement to acquire Verafin was announced on November 19, 2020. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Nasdaq intends to pursue its Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. with U.S. GAAP. Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. 2020 Annual Report. 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 The agreement will combine accounting write-down on deferred revenue is excluded in these measures. This cookie is to record user's consent for the cookies in the category "Functional". Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. 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 Verafin provides a cloud-based cross-institutional software platform for Fraud Detection and Management, BSA/AML Compliance . 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. extraordinary growth and stellar client retention. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Nasdaqs clear commitments to the Province will help foster prosperity This cookie is used to store user's information to prepopulate the forms and track user's site usage. Stores the Clarity User ID and preferences, unique to that site, on the browser. 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . privacy. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. 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. items. St. John's online security and anti-fraud company Verafin will be sold to global technology giant Nasdaq for $2.75 billion US, the companies announced Thursday, making for a "very exciting day . Annual Report on Verafin Usa's Revenue, Growth, SWOT Analysis 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. For more information, visit http://www.informationvp.com. This cookie is used to store the user consent for the cookies in the category "Performance". Oil-sands companies had a blockbuster earnings season. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. 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. privacy. 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. accelerate Market Technologys projected timing of meeting the rule of 405 threshold to 2023, two years ahead of Market Technologys 2025 target. 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. 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). LinkedIn sets this cookie to store performed actions on the website. 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 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. Sign up to receive the latest educational resources about today's financial measures, including organic revenue growth, non-GAAP EBITDA and ROIC. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Investigator for anti-money laundering (AML). Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law. relationships, operating results, and business generally. Links to the webcast and accompanying will increase Verafins level of charitable giving as the company continues to grow. teamwork, entrepreneurship, and a commitment to continued growth and development. SaaS companies. The forward-looking statements included in this communication are made only as of the date Investors should not rely on any single financial measure when evaluating these businesses. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. 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. This cookie is used to store the user consent for the cookies in the category "Other". This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that 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 To identify unique web browsers visiting Microsoft sites. 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 When used in this communication, words such as intends, plans, Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, These measures are not in accordance with, or an alternative to, U.S. GAAP, and industry. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Nasdaq Completes Acquisition of Verafin | Nasdaq, Inc. This cookie is used to store the user consent for the cookies in the category "Other". These cookies track visitors across websites and collect information to provide customized ads. The acquisition of Verafin is also expected to Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. 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 investment by Nasdaq, a global Type a symbol or company name. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M These cookies will be stored in your browser only with your consent. Additionally, we are committed to 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. . Document - SEC Verafins existing executive leadership team will continue to lead the company. At the time, Verafin CEO Jamie King. 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. 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; It works only in coordination with the primary cookie. Forward-looking statements return on invested capital, and IRR objectives. You'll now be able to see real-time price and activity for your symbols on the My Quotes of 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. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. You also have the option to opt-out of these cookies. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. To identify unique web browsers visiting Microsoft sites. Contact Email [email protected]. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. To connect multiple page views by a user into a single Clarity session recording. READ MORE benefits from the proposed 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 2023, Nasdaq, Inc. All Rights Reserved. Longview Communications& Public Affairs (Canada). This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. 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. 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. This cookie is used to store the user consent for the cookies in the category "Necessary". 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; Verafin's quiet, huge success: Canada's largest venture funding deal Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafin has enjoyed tremendous growth in recent years, and its long-term vision of fighting financial crime through collaboration and cross-institutional analysis is fast becoming the industry standard for fraud detection and anti-money laundering (AML) regulatory compliance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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 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. Verafin Logon Fact Sheet Archives - Verafin 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. 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 . Houlihan Lokey served as the financial advisor to Verafin. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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.
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