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.
Nasdaq is set to acquire Adenza, a financial services software company, for $10.5 billion in cash and stock. The acquisition will extend Nasdaq's serviceable addressable market to $34 billion and position the company to provide comprehensive support to financial institutions across regulatory technology, compliance, and risk management. Adenza serves banks, insurance firms, broker-dealers, and similar financial service companies with an end-to-end platform spanning everything from data management to reporting, available either via an on-premises installation or the cloud. The deal is expected to close within the next nine months.
Nasdaq is set to acquire Adenza, a software firm owned by Thoma Bravo, for $10.5 billion in cash and stock. The acquisition is Nasdaq's largest to date and is expected to help the exchange operator diversify and become more tech-focused. Adenza's software is used by banks and brokerages and is expected to generate around $590 million in annual revenue by 2023. The deal is expected to increase Nasdaq's medium-term organic revenue growth outlook from 7%-10% to 8%-11%.
Nasdaq has agreed to acquire Adenza, a financial software maker, in a $10.5 billion cash-and-stock deal. The acquisition is part of Nasdaq's efforts to transform into a more tech-centric company with steadier revenue.
