Nasdaq to buy financial software firm Adenza for $10.5B

ISTANBUL

Nasdaq, Inc. announced Monday it has entered into a definitive agreement to buy financial services software firm Adenza from its owner Thoma Bravo for $10.5 billion.

"The acquisition of Adenza brings together two world-class franchises steeped in market infrastructure, regulatory, and risk management expertise at a time when financial institutions are navigating some of the most complex market dynamics in history," Nasdaq Chair and CEO Adena Friedman said in a statement.

Nasdaq President of Market Platforms Tal Cohen noted that the deal "introduces a fast-growing $10 billion serviceable addressable market to Nasdaq."

Adenza has an expected revenue of approximately $590 million this year, with annual recurring revenue growth of 18%, according to the statement.

The American multinational financial services corporation Nasdaq owns and operates three stock exchanges in the US -- the namesake Nasdaq and Philadelphia and Boston stock exchanges.

Thoma Bravo acquired AxiomSL in 2020 and Calypso Technology in 2021, merging the two firms as Adenza later in 2021.

The deal is the second biggest of this year, after software firm Qualtrics in March accepted a $12.5 billion all-cash offer from private equity company Silver Lake and Canada Pension Plan Investment Board.