Nasdaq has agreed to accumulate Adenza, a maker of software program utilized by banks and brokerages, in a $10.5 billion cash-and-stock deal, individuals conversant in the matter stated.
The deal furthers Nasdaq CEO Adena Friedman’s efforts to rework her firm from an operator of marketplaces—whose earnings fluctuates with buying and selling volumes—to a extra tech-centric firm with steadier income.
If accomplished, the Adenza deal would symbolize the largest acquisition in Nasdaq’s historical past.
The vendor within the transaction is private-equity agency Thoma Bravo, which is poised to get a big stake in Nasdaq as a part of the transaction, the individuals stated.
Nasdaq and Thoma Bravo are anticipated to announce the deal later Monday.
Adenza supplies software program to assist handle buying and selling, danger administration and post-trade processing in markets corresponding to currencies, mounted earnings and derivatives. Its expertise additionally streamlines the method of reporting knowledge to regulators, a activity that has develop into more and more time consuming for banks as a result of Dodd-Frank Act and different guidelines imposed after the 2008 monetary disaster.
Based mostly in London and New York, Adenza says its purchasers embrace nearly all of banks that regulators have deemed systemically vital.
Thoma Bravo hasn’t disclosed how a lot it paid for the companies that make up Adenza. The corporate is the results of the 2021 merger of two companies, Calypso Applied sciences and AxiomSL. The private-equity agency acquired AxiomSL in 2020. The subsequent yr, Thoma Bravo merged Calypso into AxiomSL and renamed the mixed agency Adenza.
Write to Alexander Osipovich at [email protected]
