Technology company Nasdaq, which services the global financial system, announced an agreement with Thoma Bravo to acquire critical risk management software provider Adenza for $10.5 billion ($5.75 billion in cash, the remainder in Nasdaq common stock).
The company’s press service says the deal will allow Nasdaq to increase its market for addresses served from $10 billion to $34 billion. It is also expected that after the transaction closes, Thoma Bravo’s managing partner Holden Spath will join Nasdaq’s Board of Directors.
Adenza is a fast growing software company created by merging two respected global brands, Calypso and AxiomSL. The company has an “attractive financial profile”: expected revenue in 2023 is $590 million (annual revenue growth is 15-18%).
The addition of Adenza is expected to enhance Nasdaq’s already strong financial profile by boosting enterprise solutions revenue from 71% of current total revenue to 77% by 2023.
“With Adenza, we will have a more comprehensive set of essential software and technology solutions that simplify and improve risk management and compliance for our clients,” said Tal Cohen, Nasdaq’s president of Market Platforms.
The deal is subject to regulatory approval and is expected to close within six to nine months.
Author:
Ekaterina Alipova
Source: RB
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