Nasdaq is speeding up its push to become a more technology-focused company. The exchange operator said it will buy software firm Adenza for $10.5 billion in cash and stock in its largest acquisition ever
Deal consists of $5.75 bln in cash and 85.6 mln Nasdaq stockon Monday agreed to buy Thoma Bravo-owned software firm Adenza for $10.5 billion, with the exchange operator's biggest-ever deal broadening its financial technology footprint but giving shareholders a case of sticker shock.
We "have serious reservations about the price Nasdaq has chosen to pay for the asset," Morningstar analyst Michael Miller said in a client note. Nasdaq CEO Friedman said that because Adenza is a bit of an unknown asset, it will take time for investors to digest the details. Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year.
Since then, Nasdaq's acquisitions have included Nordic markets owner OMX for $3.7 billion in 2007, International Securities Exchange for $1.1 billion in 2016, content and analytics provider eVestement for $705 million in 2017 and anti-financial crime software firm Verafin for $2.75 billion in 2020. Holden Spaht, a managing partner at Thoma Bravo who helped put the deal together, is expected to be appointed to Nasdaq's board.
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