Nasdaq's $10.5 Billion Acquisition of Adenza Sends Stock Tumbling.
Nasdaq has agreed to acquire financial software company Adenza from private equity firm Thoma Bravo for $10.5 billion in cash and stock, marking the exchange operator's largest-ever deal. The acquisition is part of Nasdaq's efforts to build up its software business, which now accounts for more than a third of its annualized recurring revenues. Adenza provides software to banks, asset managers, exchanges, and other parts of the financial services industry that helps manage regulatory reporting, compliance, and risk management. The purchase requires regulatory approvals and other customary closing conditions and is expected to be completed within six to nine months.
