Nasdaq Buys Adenza for $10.5B

Nasdaq has announced its plans to acquire software firm Adenza for $10.5 billion. This acquisition, the largest for Nasdaq to date, aligns with its strategy to become more technology-focused and diversify its offerings. The deal comprises $5.75 billion in cash and 85.6 million shares of Nasdaq common stock. Adenza, owned by Thoma Bravo, develops software used by banks and brokerages and is projected to generate approximately $590 million in annual revenue in 2023. Nasdaq aims to issue around 14.5% of its shares to Adenza's owners. Nasdaq has been shifting its focus towards financial software solutions for institutional investors, with its recent successful acquisition of Verafin, a provider of anti-financial crime software. Nasdaq's shares dropped 1.4% in premarket trading following the announcement.