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, folks conversant in the matter mentioned.
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 signify 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 folks mentioned.
Nasdaq and Thoma Bravo are anticipated to announce the deal later Monday.
Adenza offers software program to assist handle buying and selling, danger administration and post-trade processing in markets resembling currencies, mounted earnings and derivatives. Its expertise additionally streamlines the method of reporting information to regulators, a process that has turn into more and more time consuming for banks as a result of Dodd-Frank Act and different guidelines imposed after the 2008 monetary disaster.
Primarily based in London and New York, Adenza says its shoppers embody the vast majority of banks that regulators have deemed systemically necessary.
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 following yr, Thoma Bravo merged Calypso into AxiomSL and renamed the mixed agency Adenza.
Write to Alexander Osipovich at [email protected]