Nasdaq Inc. has agreed to buy financial-software maker Adenza from its private equity owners in the exchange operator’s biggest-ever deal.
(Bloomberg) — Nasdaq Inc. has agreed to buy financial-software maker Adenza from its private equity owners in the exchange operator’s biggest-ever deal.
The acquisition is valued at $10.5 billion in cash and stock, Nasdaq said in a statement on Monday. Thoma Bravo, the buyout firm that owns Adenza, is set to get a 14.9% stake in Nasdaq and a seat on the board as part of the deal, the company said.
Chief Executive Officer Adena Friedman said she is working to build up the exchange operator’s software business, which now accounts for more than a third of Nasdaq’s annualized recurring revenues. Software sales to financial firms are more predictable, insulating the business from trading volatility.
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Adenza sells software to banks, asset managers, exchanges and other parts of the financial services industry that helps manage regulatory reporting, compliance and risk management. The business was formed in 2021 when Thoma Bravo merged Calypso Technology and AxiomSL.
–With assistance from Ben Scent.
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