Verafin Inc., an industry-leading, cloud-based fraud detection and anti-money laundering software provider to financial institutions across North America, today announced another outstanding year for the business across all key financial performance metrics.
“2014 was a big year for us,” said Jamie King, CEO of Verafin. “With our third consecutive year of double digit revenue growth, strong new customer growth, and many new enhancements to our product, we had an outstanding year in every part of our business.”
Revenue increased significantly in 2014 as Verafin posted organic revenue growth of 45% compared to 2013 and announced a three-year revenue CAGR of 51%. A key driver of Verafin’s revenue growth was a continued focus on new customer acquisition. Verafin finished a strong year with a 68% increase in the number of customer bookings in quarter four compared to the previous year.
“This growth demonstrates the strength of the unique Verafin Cloud solution,” says Jason Quann, VP of Sales. “2014 was another strong year for Verafin. It’s been an amazing year for growth, and we are very excited to continue this momentum into 2015.”
During 2014, Verafin announced a C$60 million investment by Spectrum Equity, a leading growth equity firm focused on the information economy. The investment for a substantial minority stake in the company will support Verafin’s rapid growth and continued investment in its market-leading platform. This significant investment demonstrates the confidence in the Verafin business plan and its innovative software solution.
A snapshot of Verafin’s technology achievements and milestones in 2014 include:
- User Interface upgraded for increased speed and enhanced usability
- Improvements in analytics reduced false alerts by 50%
- Implemented new data interfaces bringing total to over 125
- Launched a new user community with 6000 users to enhance customer experience
- Surpassed 60 million transactions processed daily
- Added over 200 new customers
- Maintained a leading retention rate of 98%
“The key to delivering a leading solution in this industry is based on a commitment to continuous improvement,” said Raymond Pretty, VP of Product Development. “We have weekly product releases that provide significant benefits for our customers. These regular product enhancements are possible because of our unique cloud-based solution and the talented team of outstanding developers and engineers who are committed to designing solutions that deliver real value for our customers.”
Attracting talent is also a focus for Verafin. The business has emerged as an employer of choice for new graduates and experienced professionals in this industry and the company now has over 200 employees in Canada and the US and an award winning commitment to its people and culture. Verafin received national recognition on the Globe and Mail’s Canada’s Top 100 Employers for 2015. This prestigious list, now in its 15th year, is a national recognition of employers that lead their industries in offering exceptional workplaces for their employees.
“To be included in this list of employers is an honor,” says Jamie King. “Our employees’ commitment to Verafin is a big factor in our success, and we are proud to encourage their personal and professional growth.”
Verafin was recognized for a number of qualities and benefits, the most prominent being culture. Verafin’s culture fosters growth, positivity, and learning by offering formal benefits and informal support through teamwork and caring. The casual, open-concept environment encourages employees to always have fun, while progressive and flexible programs help them strike a satisfying work-life balance so they can achieve their various goals.
In 2015, Verafin will continue its track record of growth and will further penetrate the North American Market with its innovative software solution. “We are constantly working to ensure we provide our valued customers with the highest level of service and the best solution for their needs,” says Jamie King, CEO of Verafin. “We are proud to have over 1200 customers benefit from our software and are well on our way to see that reach 3000 in the next few years.”