LinkedIn sets this cookie to remember a user's language setting. The Logic 2023 The Logic Inc. All Rights Reserved. Verafin Cookie. Combines Nasdaqs global reach and established regulatory technology leadership with. Additionally, we are committed to Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. It is expected to close in the first quarter of 2021. It works only in coordination with the primary cookie. During this time, the Company has achieved many financial and operational milestones: We are very excited to begin this new phase of Verafins journey. 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. Necessary cookies are absolutely essential for the website to function properly. 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. To identify unique web browsers visiting Microsoft sites. 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. may be different from non-GAAP measures used by other companies. What industry is the company in? Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Enhances Nasdaqs performance and potential, with Verafins cloud products delivering ~30% compound. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Microsoft Clarity cookie. displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. LinkedIn sets this cookie to store performed actions on the website. extraordinary growth and stellar client retention. D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! For purposes of providing the pro-forma impact of the Verafin acquisition, Verafins forecasted results are included and the impact of purchase Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). 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. 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. What will they do with all the cash? 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. market. Links to the webcast and accompanying Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. 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 This cookie is used to store user's information to prepopulate the forms and track user's site usage. In order to foster the next generation of talent in the province and help support Verafins growing 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.. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. 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. C$100 million in annual recurring . 2020 Annual Report. Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight LinkedIn sets the lidc cookie to facilitate data center selection. Vice President, Financial Planning & Analysis, Bsa & Anti-Money Laundering Head of Product Management. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance LinkedIn sets this cookie to remember a user's language setting. We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Verafin Financial Crime Management Jack Henry. You also have the option to opt-out of these cookies. 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 The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Verafin analyzes customer activity across multiple transaction channels, providing you with robust alerts that highlight a wide range of fraudulent scenarios and protect you against fraudsters targeting your institution and customers. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different fromnon-GAAPmeasures used by other companies. 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. 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. 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. Verafin - Funding, Financials, Valuation & Investors 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; 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. Legal Name Verafin Inc. Company Type For Profit. www.verafin.com Contact Information Headquarters 570 Newfoundland Dr, St. John S, Newfoundland and Labrador, A1A 5B1, Canada (877) 368-9986 Verafin Profile and History We are an industry pioneer in anti-financial crime management solutions, with a mission to create the worlds most effective crime-fighting network. Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. 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. 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. This website uses cookies to improve your experience while you navigate through the website. 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. 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.. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. 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. These cookies are used for advertising, site analytics, and other operational purposes. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Nasdaq is committed to growing Verafins business and creating opportunities for their employees. 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. the windfall would allow the companythe biggest tech firm in the provinceto keep growing while remaining independent. Get a D&B Hoovers Free Trial. The financial industry is growing more and more complex as criminals target institutions with sophisticated schemes and compliance demands evolve. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. Automation and vendor solutions, a US$13billion measures, including organic revenue growth, non-GAAP EBITDA and ROIC. 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. 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. Following the transaction, Verafin co-founders, management and employees will collectively represent the largest shareholding group. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is used to analyse the website's visitors and monitor traffic patterns. But opting out of some of these cookies may have an effect on your browsing experience. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. 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. 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. well as future charges or reversals outside of the normal course of business. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and LinkedIn sets this cookie to store performed actions on the website. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Records the default button state of the corresponding category & the status of CCPA. a leading growth equity investor based in Boston and San Francisco, and Information Venture Partners, a leading FinTech-focused venture capital firm based in Toronto, both significant investors in Verafin, have agreed to sell their stake as part of The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. 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. Nasdaq Completes Acquisition of Verafin | Nasdaq

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