Nasdaq acquires Adenza to enhance risk management, regulatory reporting, trading technology

Rick Steves

“Adenza has world-class products, a portfolio of mission-critical technology, an excellent leadership team, and a culture of innovation that aligns exceptionally well with Nasdaq.”

Nasdaq has announced the successful completion of its acquisition of Adenza, a premier provider of risk management, regulatory reporting, and capital markets software.

This acquisition from Thoma Bravo, a leading software investment firm, marks a significant milestone in Nasdaq’s strategic transformation, enhancing its ability to support global financial institutions with critical solutions for managing risk and compliance, and improving market and trading infrastructure.

Nasdaq expects $80 million in annual net expense synergies in two years

Nasdaq has finalized its acquisition of Adenza, a key player in risk management, regulatory reporting, and capital markets software. This move, involving the acquisition from Thoma Bravo, a top software investment firm, signifies a major step in Nasdaq’s strategic transformation. The deal amplifies Nasdaq’s capacity to offer essential solutions for risk and compliance management, bolstering the integrity and efficiency of market and trading infrastructures worldwide.

Adena Friedman, Chair and Chief Executive Officer of Nasdaq, emphasized the significance of this acquisition: “The acquisition of Adenza represents an important milestone in Nasdaq’s ongoing transformation, accelerating our vision to become the trusted fabric of the financial system,” she stated. With Adenza’s integration, Nasdaq is poised to enhance its strategic relationships with global financial institutions, aiding them in navigating the dynamic capital markets and regulatory landscapes and addressing complex challenges in risk and crime management, compliance, and reporting.

The strategic alignment between Nasdaq and Adenza promises to boost Nasdaq’s organic revenue growth and operating margins. The anticipated financial benefits include achieving $80 million in annual net expense synergies by the end of the second year post-acquisition, and $100 million in long-term revenue synergies. Nasdaq also aims to meet its leverage targets within 18 and 36 months following the deal’s closure.

Nasdaq has restructured its corporate alignment into three divisions:

Capital Access Platforms: This division remains unchanged, encompassing Data & Listings, Index, and Workflow & Insights businesses;
Market Services: Incorporating Nasdaq’s foundational North American and European Trading Services businesses;
Financial Technology: Split into two units – Capital Markets Technology, combining Nasdaq’s Marketplace Technology with Calypso’s solutions, and Regulatory Technology, including Anti-Financial Crime solutions and AxiomSL’s Regulatory Technology solutions.

“Adenza validates Nasdaq’s transformation into a key software and technology company”

“Adenza has world-class products, a portfolio of mission-critical technology, an excellent leadership team, and a culture of innovation that aligns exceptionally well with Nasdaq,” commented Tal Cohen, Co-President of Nasdaq. He looks forward to ensuring a successful integration and aligning their market approaches to address customer challenges in capital markets, risk management, and regulatory compliance.

Following the transaction’s completion, Holden Spaht, a Managing Partner at Thoma Bravo, has been appointed to Nasdaq’s Board of Directors, expanding the Board to twelve members. Spaht remarked on the promising prospects of enhancing Adenza’s growth and product portfolio as part of Nasdaq’s global platform. “The acquisition of Adenza validates Nasdaq’s transformation into a key software and technology company in the global financial services ecosystem,” he noted.

Thoma Bravo, managing over US$131 billion in assets, stands as one of the world’s largest software investors. It specializes in investing in growth-oriented, innovative companies in the software and technology sectors. With a track record of more than 440 company acquisitions or investments, Thoma Bravo is renowned for its deep sector expertise and strategic operational capabilities.

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