In this paper, we address the problem of verifying the equivalence of two sequential circuits. A hybrid approach that combines the advantages of BDD-based and ATPG-based approaches is introduced. Furthermore, we incorporate a technique called partial justification to explore the sequential similarity between the two circuits under verification to speed up the verification process. Compared with existing approaches, our method is much less vulnerable to the memory explosion problem, and therefore can handle larger designs. The experimental results show that in a few minutes of CPU time, our tool can verify the sequential equivalence of an intensively optimized benchmark circuit with hundreds of flip-flops against its original version.