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Nasdaq acquires Adenza for $10 billion

Nasdaq acquires Adenza for $10 billion

Nasdaq is to acquire capital markets software house Adenza from Thoma Bravo for $10 billion, reinforcing its positioning as a "technology company serving the global financial system".

Adenza was created through the combination of treasury management firm Calypso and regulatory software vendor AxiomSL.

The addition of Adenza complements Nasdaq’s Marketplace Technology and Anti-Financial Crime solutions and enhances its offerings across a broader spectrum of regulatory technology, compliance, and risk management systems.

Adenza brings an attractive financial profile, with approximately $590 million of 2023 expected revenue, organic revenue growth of approximately 15%, annual recurring revenue growth of 18%, and an adjusted Ebitda margin of 58%.

The acquisition is expected to grow revenue from Nasdaq's Solutions Businesses by 77%. The market operator also expects to achieve $80 million in run-rate net expense synergies by the end of year two through functional alignment, product rationalisation, location optimisation, and consolidation of vendors and real estate.

Tal Cohen, president of market platforms, Nasdaq, says: “With Adenza, we will have a more complete suite of essential software and technology solutions that make managing risks and complying with regulations simpler and more efficient for our clients. With complementary capabilities and geographic footprints, we can see a clear path to deepening our client relationships globally with leading end-to-end platforms across risk, trading, and regulatory reporting.”

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