Nasdaq has agreed to sell its enterprise governance, risk and compliance (GRC) software platform BWise to SAI Global. Financial terms of the deal were not disclosed.
Founded in 1994, New York-based BWise was acquired by Nasdaq in 2012 and incorporated into the exchange operator's software technology business with the plan of helping companies track, measure and manage organisational risks, boosting efficiency and cutting costs.
Several years on, Nasdaq has decided to sell up, offloading the business at a time when it is on a acquisition binge designed to refocus as a technology and analytics provider to the capital markets.
The firm has recently bought alternative data provider Quandl and data, content and analytics platform eVestment and made a move for trading tech vendor Cinnober. Meanwhile, it is in the midst of a battle with Euronext for Oslo Bourse. Euronext today upped its offer for the Nordic exchange.
Risk management specialist SAI Global and BWise will operate as independent companies once the transaction is completed.
Adena Friedman, CEO, Nasdaq, says: "SAI Global is the right partner for BWise, and we are confident in their ability to ensure BWise’s clients continue to receive excellent customer service and even more comprehensive risk and compliance services and solutions in the future."
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