Nasdaq on Monday said it will buy Thoma Bravo-owned software firm Adenza for $10.5 billion, in what would be the exchange operator's biggest acquisition as it speeds up its push to become a more tech-focused company.
The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moonon Monday said it will buy Thoma Bravo-owned software firm Adenza for $10.5 billion, in what would be the exchange operator's biggest acquisition as it speeds up its push to become a more tech-focused company.The purchase, consisting of $5.75 billion in cash and 85.
Nasdaq has diversified more into businesses less affected by market fluctuations, such as anti-financial crime software and ESG services under Friedman, with recurring revenue from non-market units making up roughly three-quarters of the total. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%.
Adenza, which makes software used by banks and brokerages, is expected to hit about $590 million in annual 2023 revenue, Nasdaq added.
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