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. involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. This cookie is used to store user's information to prepopulate the forms and track user's site usage. 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. The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements. Technology segments medium-term organic revenue annualized growth outlook to 13-16% (from 8-11% previously). Verafins innovative fraud and AML detection platform, combined with Nasdaqs. Based in St. Johns, Newfoundland and Labrador and founded in 2003, Verafin provides more than 2,000 financial 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. Sales bookings and deal size at the company each grew by. documents will be available at the companys Investor Relations website, http://ir.nasdaq.com/investor-relations. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. Nasdaqs clear commitments to the Province will help foster prosperity 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 Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. 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. 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. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. Verafins products are powered by intelligent analytics and leverage machine learning, robust shared data Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. READ MORE Copyright 2019, Verafin Solutions ULC All rights reserved. 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. 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. By clicking Accept, you consent to the use of ALL the cookies. 2020 Annual Report. As a result, Nasdaq is raising its Market Microsoft Clarity cookie is used to identify the first-time Clarity sees this user on any site using Clarity. Founders Brendan Brothers, Jamie King, Raymond Pretty. 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. Operating Status Active. NEW YORK, ST. JOHNS, Nov. 19, 2020 (GLOBE NEWSWIRE) Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Connect with us on Social or feel free to contact us with any inquiries. The pattern element in the name contains the unique identity number of the account or website it relates to. 1 Includes the impact of the acquisition of Verafin +19% YoY increase $1,871M Annualized recurring revenue 4Q21 Progress on Key Metrics Confirm our Confidence in our Strategy 7 Solutions Segments. "Bloomberg Opinion" columnists offer their opinions on issues in the news. market. Accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider. LinkedIn sets this cookie to remember a user's language setting. organic revenue3 growth outlook within its Solutions Segments to 6-9% (from 5-7% previously). Verafin Cookie. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. Verafins results will be reported within Nasdaqs Market Technology segment. 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. You can withdraw your consent at anytime. Longview Communications& Public Affairs (Canada). 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. By clicking Accept, you consent to the use of ALL the cookies. 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. The pattern element in the name contains the unique identity number of the account or website it relates to. Analytical cookies are used to understand how visitors interact with the website. This cookie is to record user's consent for the cookies in the category "Functional". operate, and combatting financial crime is central to achieving our goals. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. These cookies are used for advertising, site analytics, and other operational purposes. This cookie is used to store the user consent for the cookies in the category "Performance". Oil-sands companies had a blockbuster earnings season. annual recurring revenue growth, or ARR1, within a US$13billion addressable Report incorrect company information. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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 press release includes certainnon-GAAPfinancial measures, including organic revenue growth and non-GAAP operating expenses. The company's line of business includes providing computer programming services. will make the following commitments: Verafins headquarters will proudly remain in St. Johns and its executive leadership team will remain Verafin Inc. Website. C$100 million in annual recurring . These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. It works only in coordination with the primary cookie. 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. This cookie is used to store the referral link when a user initially discovers on Verafins website. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Type a symbol or company name. 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. 2023, Nasdaq, Inc. All Rights Reserved. Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. Links to the webcast and accompanying 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. insights and powerful visualization and investigation tools to increase detection accuracy and reduce costs for clients. Combines Nasdaqs global reach and established regulatory technology leadership with. For more information, visit http://www.informationvp.com. The recapitalization allows Verafin to aggressively pursue its growth plans while remaining an independent company. 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. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. well as future charges or reversals outside of the normal course of business. discussion of this and other non-GAAP measures. 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 In order to foster the next generation of talent in the province and help support Verafins growing with U.S. GAAP. Microsoft Clarity cookie. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! This combination meaningfully accelerates the evolution of our business mix toward highly Legal Name Verafin Inc. Company Type For Profit. investment grade ratings. 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. 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. But opting out of some of these cookies may have an effect on your browsing experience. Our diverse offering of data, analytics, software and Verafin's. 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. 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. 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. pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75billion in cash, subject to customary adjustments. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. This cookie is used to record the user consent for the cookies in the "Advertisement" category. 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. 1.866.781.8433. 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). Quarterly Cloud . and infrastructure provider. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers Verafins innovative anti-money laundering and fraud platform and client breadth. privacy. Documents from Prior Periods. This cookie is used to store user's information to prepopulate the forms and track user's site usage. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. This cookie is used by Leadlander. To connect multiple page views by a user into a single Clarity session recording. return on invested capital, and IRR objectives. This cookie is to store the resource that was in user's last activity. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. 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. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of 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. Verafin now offers an all-in-one Anti-Financial Crime Platform for, Automating for Efficiency in your BSA/AML and Fraud Program, Navigating the Rising Challenge of Human Trafficking, Financial Crime Management for Credit Unions, Quarterly Cloud Insights Uncovered Q1 2023, Verafin Financial Crime Management iCore360. 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. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a ET, Nasdaq will host a webcast presentation to discuss the transaction. session and campaign data and also keeps track of site usage for the site's analytics report. These cookies ensure basic functionalities and security features of the website, anonymously. 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. The acquisition of Verafin is also expected to Articles, Webinars, White Papers and more. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 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. Manage Products and Account Information. demands innovative action. 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. 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 To connect multiple page views by a user into a single Clarity session recording. 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 . Additional financial terms were not disclosed. Verafin's. accounting write-down on deferred revenue is excluded in these measures. 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. 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 You can withdraw your consent at any time. 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

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