verafin annual report

The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. 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. 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. relationships, operating results, and business generally. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. + Go To Resource 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. To track previous page view id and url. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. The transaction is subject to regulatory approvals and other customary closing conditions. 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 Canada. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Scotiabank and BDC Venture Capital are the most recent investors. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Sign up to receive the latest educational resources about today's financial involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. institutions in North America a cloud-based platform to help detect, investigate, and report money laundering and financial fraud. LinkedIn sets this cookie for LinkedIn Ads ID syncing. may be different from non-GAAP measures used by other companies. Nasdaq intends to finance the Read the 9th Annual B2B Sales & Marketing Data Report New: B2B Data Report! With Security in the Verafin Cloud The Verafin Cloud is a secure infrastructure for data storage and analysis, which provides convenient, on-demand access to the Verafin Verafins secure cloud infrastructure enables technology advancements,superior customer service and application enhancements. 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. 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. The agreement to acquire Verafin was announced on November 19, 2020. 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 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. 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. But opting out of some of these cookies may have an effect on your browsing experience. industry. This cookie is used to store the referral link when a user initially discovers on Verafins website. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Type a symbol or company name. annual recurring revenue growth, or ARR1, within a US$13billion addressable $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); You can withdraw your consent at any time. LinkedIn sets this cookie to remember a user's language setting. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain scalable, subscription revenue.. This cookie is used to store the user consent for the cookies in the category "Performance". 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 forward-looking statements included in this communication are made only as of the date hereof. The pattern element in the name contains the unique identity number of the account or website it relates to. Verafin respects your 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. You also have the option to opt-out of these cookies. Combines Nasdaqs global reach and established regulatory technology leadership with. 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. Information Venture Partners is a Toronto-based team of experienced venture capital investors that focus on early-stage companies in B2B FinTech and Enterprise SaaS. privacy. 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. 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. 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. authorities that rely on Nasdaqs technology to detect market manipulation and abuse today. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry These cookies track visitors across websites and collect information to provide customized ads. 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. 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. These symbols will be available throughout the site during your session. The Worlds Only All-In-One Anti-Financial Crime Platform for Crypto Companies. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. Strengthens Verafin as a center of innovation and technology within the province of Newfoundland and. 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. privacy. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. LinkedIn sets the lidc cookie to facilitate data center selection. Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Verafins innovative anti-money laundering and fraud platform and client breadth. Used by Microsoft Advertising as a unique ID for visitors. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. This cookie is used to store the referral link when a user initially discovers on Verafins website. As potential liability shifts loom with possible implications for wire payments, As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer Fraudsters are uncompromising, often targeting seniors with cruel elder financial abuse tactics from romance and investment scams. This cookie is used to store the user consent for the cookies in the category "Necessary". Links to the webcast and accompanying Automation and vendor solutions, a US$13billion 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. The transaction accelerates Nasdaq's ongoing . The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. To this end, Nasdaq Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime. We also use third-party cookies that help us analyze and understand how you use this website. 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. We see a massive opportunity ahead for Verafin to continue to lead this market transformation through continued product innovation and thought leadership.. 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. To connect multiple page views by a user into a single Clarity session recording. Investors should not rely on any single financial measure when evaluating these businesses. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Represents non-GAAP EBITDA margin percentage plus annual growth rate. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. You also have the option to opt-out of these cookies. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. This cookie is used to store the referral link when a user initially discovers on Verafins website. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. ARR does not have any standardized the last three years. 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. Spectrum Equity, These cookies ensure basic functionalities and security features of the website, anonymously. On Thursday, November19, 2020 at 8:00 a.m. 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 We look forward to working with Jamie and the rest of the Verafin team to continue to support their product-innovation led go-to-market strategy that has enabled the Companys explosive growth., Dave Unsworth, General Partner at IVP added, Verafin is in the very early innings of its mission to create the worlds most effective crime fighting network. Create your Watchlist to save your favorite quotes on Nasdaq.com. This enables BSA/AML professionals to perform powerful and efficient ongoing due diligence that is in line with the true risk the customer poses to the institution. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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.. Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Additionally, we are committed to teamwork, entrepreneurship, and a commitment to continued growth and development. for Masters and PhD students. Bing Ads sets this cookie to engage with a user that has previously visited the website. 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. 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. 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. Labrador and an economic leader in St. Johns. this transaction. Verafins research and development. We believe that Verafin will not only complement and grow our existing presence in Canada, but also represents a potential catalyst for further investment Sales bookings and deal size at the company each grew by. The forward-looking statements included in this communication are made only as of the date 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 . Verafin respects your During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. 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. 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; 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 . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Analytical cookies are used to understand how visitors interact with the website. Founders Brendan Brothers, Jamie King, Raymond Pretty. Verafin Cookie. These symbols will be available throughout the site during your session. 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". The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 2021 Proxy Statement. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. EMEA +44 20 7330 7500. These cookies track visitors across websites and collect information to provide customized ads. Create your Watchlist to save your favorite quotes on Nasdaq.com. This combination meaningfully accelerates the evolution of our business mix toward highly 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. Google cookie is for Conversion Linker functionality it takes information in ad clicks and stores it in a first-party cookie so that conversions can be attributed outside the landing page. Verafin is the industry leader in Nasdaqs and The equity and debt financing follows a period of sustained and rapid growth at Verafin. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Bing Ads sets this cookie to engage with a user that has previously visited the website. This cookie is used to record the user consent for the cookies in the "Advertisement" category. This cookie is used to store the user consent for the cookies in the category "Performance". This website uses cookies to improve your experience while you navigate through the website. Nasdaq also received financial advice from BofA Securities, Goldman These cookies ensure basic functionalities and security features of the website, anonymously. Represents one of the largest ever growth financings of a Canadian software business, Funding will accelerate Verafins product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions. Valuable research and technology reports. if(!$('#wpaloginform #user_email_username').val()) { 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 user consent for the cookies in the category "Performance". Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. The cookie is used to store if a user has or has not consented to the use of cookies. The pattern element in the name contains the unique identity number of the account or website it relates to. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Stores the Clarity User ID and preferences, unique to that site, on the browser. 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 intelligent technology solutions Verafin has created are second-to-none, and that is evident in the companys Microsoft Clarity cookie. 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. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Google cookie is for Conversion Linker functionality it takes information in ad clicks and stores it in a first-party cookie so that conversions can be attributed outside the landing page. This cookie is used to store the user consent for the cookies in the category "Necessary". It is expected to enhance Nasdaqs performance and valuation potential, in particular by accelerating Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. 2023, Nasdaq, Inc. All Rights Reserved. These cookies are used for advertising, site analytics, and other operational purposes. Microsoft Clarity cookie. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. discussion of this and other non-GAAP measures. Investors should not rely on any single financial measure when evaluating these businesses. By clicking Accept, you consent to the use of ALL the cookies. 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. 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. Over 2,000 banks and This will include an investment in a new US$1million R&D partnership project with The Genesis Centre, Newfoundland and Labradors pre-eminent innovation The acquisition strengthens Nasdaqs Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. hub. LinkedIn sets the lidc cookie to facilitate data center selection. The cookie is used to store if a user has or has not consented to the use of cookies. 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. Asia Pacific +65 6212 1000. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, However you may visit Cookie Settings to provide a controlled consent. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Brian HARTLEN, brian.hartlen@verafin.com 709.725.8235, Internet Explorer presents a security risk. Used by Microsoft Advertising as a unique ID for visitors. ARR for a given period is the annualized revenue of active contracts. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. This ensures that behavior in subsequent visits to the same site will be attributed to the same user ID. Verafin expects to deliver in excess of US$140 million 4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. The pattern element in the name contains the unique identity number of the account or website it relates to. Verafins existing executive leadership team will continue to lead the company. items. 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 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 This website uses cookies to improve your experience while you navigate through the website. 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 We also use third-party cookies that help us analyze and understand how you use this website. Excludes the impact of purchase accounting write-down on deferred revenue. Additional financial terms were not disclosed. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). In the first quarter of 2019, Verafin hit $100 million in annual recurring revenue growth of 87 per cent since the beginning of 2017. This cookie is used to record the user consent for the cookies in the "Advertisement" category. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. operate, and combatting financial crime is central to achieving our goals. Microsoft Clarity cookie. position as an economic and technology leader from its base in St. Johns and within the province of Newfoundland and Labrador. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Verafin Usa's Annual Report & Profile shows critical firmographic facts: What is the company's size? These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. At the time, we were talking. It is expected to close in the first quarter of 2021. You can withdraw your consent at anytime. return on invested capital, and IRR objectives. Necessary cookies are absolutely essential for the website to function properly. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. ET, Nasdaq will host a webcast presentation to discuss the transaction. Our intelligent risk categorization approach identifies, segments, stratifies and actively monitors ongoing high-risk customer activity. speeding in excess of maximum limits georgia, who came first flash or quicksilver,



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