Fintech & e-commerce M&A Public Markets

Hello, What? Nasdaq Pays $10B For Adenza

Illustration of $100 bills.

Yes, you read that headline correctly. While most of us were out soaking up some summer weekend vibes, this megadeal was going down.

In one of the biggest acquisitions of the year so far, Nasdaq will reportedly acquire privately held software company Adenza for $10 billion in a mix of cash and shares according to a release.

Adenza develops risk-management and related regulatory software for the financial services market, and is therefore a logical fit for Nasdaq. The company will be acquired by Nasdaq from Thoma Bravo, a software investment firm.

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Formed in 2021 from the Thoma Bravo acquisitions of AxiomSL in 2020 and Calypso Technology in 2022, Adenza is expected to hit about $590 million in annual 2023 revenue, according to Nasdaq.

What’s Nasdaq up to?

The Adenza acquisition is the biggest for Nasdaq as it expands its fintech services. Nasdaq says with the acquisition it will be better positioned to provide “comprehensive support to financial institutions” over regulatory technology, compliance and risk management.

“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 CEO.

Nasdaq,  which operates three stock exchanges in the U.S. and seven in Europe, has made eight investments in the past, according to Crunchbase data. Its most recent investment was on Aug. 2, 2021, to Boston-based Level ATS’ corporate round. Level ATS is an independently operated U.S. Equity Alternative Trading System located in Boston.

Holden Spaht, a managing partner at Thoma Bravo, is expected to be appointed to Nasdaq’s board of directors, which will be expanded to 12 members.

The deal falls a few billion short of Qualtrics’ $12.5 billion acquisition announced earlier this year and will reportedly be completed over the next nine months.

Illustration: Dom Guzman

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