Nasdaq In Deal To Buy Software Maker Adenza For $10.5B

Nasdaq will acquire Adenza, a financial software maker, in a $10.5bn cash and stock deal, which marks the largest transaction for the tech-focused company.

Nasdaq has announced its acquisition of Adenza from investment company Thoma Bravo, with the intention of enhancing its offerings in regulatory technology, compliance, and risk management. The companies have described the deal as “significant.”

“This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq’s position at the heart of the global financial system,” said Adena Friedman, Nasdaq’s chair and chief executive.

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“We’re trying to make sure we’re buying the best-in-breed companies to solve and serve clients so that we can really be the best partner we can be to banks and brokers around the world,” Friedman said in an interview.

Adenza is a software company that provides solutions for regulatory reporting, compliance, and risk management in the financial services industry. It was created in 2021 through the merger of Calypso Technology and AxiomSL by Thoma Bravo.

Adenza’s projected revenues for 2023 are $590 million, with an expected organic revenue growth of approximately 15%. The Nasdaq anticipates cost savings of $80 million from the agreement.