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Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 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. Evercore served as lead financial advisor to Nasdaq, along with J.P. Morgan Securities LLC. Please refer to our, 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. These symbols will be available throughout the site during your session. This cookie is used to store the user consent for the cookies in the category "Other". This cookie is used to record the user consent for the cookies in the "Advertisement" category. Nearly 3,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. services enables clients to optimize and execute their business vision with confidence. This cookie is used to store the user consent for the cookies in the category "Performance". Records the default button state of the corresponding category & the status of CCPA. discussion of this and other non-GAAP measures. Nasdaq and Verafin believe presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Advantages of the Verafin Cloud: Immediate access to new Verafin software releases/features and Industry trends & hot topics delivered to your inbox. However you may visit Cookie Settings to provide a controlled consent. To this end, Nasdaq Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Type a symbol or company name. This press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. The acquisition of Verafin is also expected to 2023, Nasdaq, Inc. All Rights Reserved. privacy. However you may visit Cookie Settings to provide a controlled consent. Analytical cookies are used to understand how visitors interact with the website. Ottawas heart institute promises to return US$250,000 grant from bankrupt FTX empire, New federal innovation organization will levy penalties on publicly subsidized IP leaving country, Enthusiast Gaming accuses former executive of calculated coup against CEO, U.S.-based startup with plans to store carbon in deep oceans skips Canada for Iceland. For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday. See the bigger picture with reporters and industry experts in subscriber-exclusive events. 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. 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. } 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. 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. 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. 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. Here's a list of some of the top trending technologies and APIs used by Verafin. Automation and vendor solutions, a US$13billion To identify unique web browsers visiting Microsoft sites. These symbols will be available throughout the site during your session. The cookie is used to analyse the website's visitors and monitor traffic patterns. Represents revenues less transaction-based expenses. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those READ MORE These cookies are used for advertising, site analytics, and other operational purposes. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 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. Investors should not rely on any single financial measure when evaluating these businesses. Funding Rounds Number of Funding Rounds 5 Total Funding Amount $454M LinkedIn sets this cookie to store performed actions on the website. 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. Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. return on invested capital, and IRR objectives. Sign up to receive the latest educational resources about today's financial 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 Forward-looking statements Microsoft Clarity cookie. supporting innovation and growth in St. Johns and Newfoundland and Labrador. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs This cookie is used to store user's information to prepopulate the forms and track user's site usage. . 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. Spectrum Equity, We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Configurable Dashboards Manage and transform your information into key business insights. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. The cookie is a session cookie and is deleted when all the browser windows are closed. Last Funding Type Private Equity. This communication contains forward-looking information related to Nasdaq, Verafin and the proposed acquisition of Verafin by Nasdaq that To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The pattern element in the name contains the unique identity number of the account or website it relates to. Necessary cookies are absolutely essential for the website to function properly. These cookies will be stored in your browser only with your consent. 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. 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. It works only in coordination with the primary cookie. These cookies ensure basic functionalities and security features of the website, anonymously. When used in this communication, words such as intends, plans, ET, Nasdaq will host a webcast presentation to discuss the transaction. well as future charges or reversals outside of the normal course of business. 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 This cookie is used to record the user consent for the cookies in the "Advertisement" category. Visit www.verafin.com, email info@verafin.com or call 866.781.8433. + Go To Resource Learn More About CTRs > Learn More About SARs > Integrated Case Management. By clicking Accept, you consent to the use of ALL the cookies. "Bloomberg Opinion" columnists offer their opinions on issues in the news. Links to the webcast and accompanying Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase 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 . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. transaction with a combination of US$2.5billion of debt and cash on hand and expects debt / non-GAAP EBITDA leverage to be approximately 3.9x pro forma for the transaction. This cookie is used to store the user consent for the cookies in the category "Analytics". Necessary cookies are absolutely essential for the website to function properly. 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 Nasdaq sees great potential in the innovation ecosystem of St. Johns and will increase investment in 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. may be different from non-GAAP measures used by other companies. items. 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 last three years. 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. }); 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. Analytical cookies are used to understand how visitors interact with the website. More than 1,200 credit unions use Verafin to effectively fight financial crime and comply with . 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Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Nasdaq intends to pursue its At the time, we were talking. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Verafins results will be reported within Nasdaqs Market Technology segment. Verafin Financial Crime Management Jack Henry. 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.

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