Nasdaq / Adenza 2023
Nasdaq acquired Adenza for $11B on June 12, 2023.
- Target
- Adenza
- Acquirer
- Nasdaq
- Deal value
- $11B
- Deal type
- Mixed
- Announced
- June 12, 2023
- Sub-sector
- Capital Markets Tech
Transaction overview
- Nasdaq announced the acquisition of Adenza on June 12, 2023, and closed the deal on November 1, 2023.
- Total deal value was $10.5 billion; Adenza was sold by private equity firm Thoma Bravo.
- Adenza supplies risk management, regulatory reporting, and capital markets software to financial institutions.
- Nasdaq expected $80 million in annual run-rate net expense synergies by end of year two post-close.
- Nasdaq also projected $100 million in revenue synergies over the long term.
- Post-close, Nasdaq reorganized into three divisions: Capital Access Platforms, Market Services, and Financial Technology.
- Thoma Bravo Managing Partner Holden Spaht joined Nasdaq's Board of Directors upon deal close, expanding the board to twelve members.
Strategic rationale
Nasdaq acquires Thoma Bravo-owned risk management and regulatory reporting software to anchor its financial technology segment for banks and broker-dealers.
Deal terms & multiples
About Adenza
Adenza supplies risk management, regulatory reporting, and capital markets software to financial services firms. The company was owned by Thoma Bravo prior to the Nasdaq acquisition. Its products include Calypso's capital markets solutions and AxiomSL's regulatory technology platform. Adenza's software is described as mission-critical by Nasdaq, serving banks and other financial institutions.
- HQ
- United States
- Key metric
- $80M projected annual run-rate net expense synergies by end of year two post-close
About Nasdaq NASDAQ: NDAQ
Nasdaq (NDAQ) is a global technology and exchange company serving corporate clients, banks, brokers, investment managers, and exchange operators. The company operates data, analytics, software, and exchange businesses across capital markets. Following the Adenza acquisition, Nasdaq reorganized into three divisions: Capital Access Platforms, Market Services, and Financial Technology. Nasdaq trades on its own exchange under the ticker NDAQ.
- Ticker
- NASDAQ: NDAQ
Frequently asked questions
How much did Nasdaq pay for Adenza?
Nasdaq acquired Adenza for $11B, announced on June 12, 2023.
When did Nasdaq announce the acquisition of Adenza?
Nasdaq announced the acquisition of Adenza on June 12, 2023.
What sub-sector is Adenza in?
Adenza is tracked in the Capital Markets Tech sub-sector.
Where is Adenza headquartered?
Adenza is headquartered in United States.
Sources
- cnbc.com /2023/06/12/nasdaq-to-buy-financial-software-firm-adenza-for-10point5-billion.html