Deep Dives

Nasdaq to Acquire Fintech Adenza for $10.5B

June 12, 2023
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Nasdaq is set to acquire Adenza, a software provider used by banks and brokerages, in a $10.5 billion cash-and-stock deal. This move aligns with Nasdaq CEO Adena Friedman's goal of turning Nasdaq into a more tech-centered company. This would be Nasdaq's biggest acquisition to date, with private-equity firm Thoma Bravo, the current owner of Adenza, expected to gain a significant stake in Nasdaq as a result.

Acquisition Announcement: Nasdaq is reported to acquire Adenza, a provider of banking and brokerage software.
  • The acquisition is a $10.5 billion cash-and-stock deal.

  • Nasdaq's Transformation: The deal supports Nasdaq CEO Adena Friedman's strategy to shift the company from a marketplace operator to a more technology-focused entity.
  • This transformation is aimed at achieving more consistent revenue streams.

  • Significance of the Deal: If finalized, the Adenza deal would be the largest acquisition in Nasdaq's history.
  • The seller, private-equity firm Thoma Bravo, is expected to acquire a substantial stake in Nasdaq as part of the deal.

  • Adenza's Software Services: Adenza offers software that assists in managing trading, risk management, and post-trade processing in various markets.
  • The software also simplifies the process of reporting data to regulators, a task made increasingly difficult by regulations such as the Dodd-Frank Act.

  • Adenza's Clientele and History: Adenza, based in London and New York, serves many banks that are deemed systemically important by regulators.
  • Adenza was formed in 2021 from the merger of two firms, Calypso Technologies and AxiomSL, acquired and merged by Thoma Bravo.

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