Nasdaq has announced the acquisition of financial software company Adenza for around $10.5 billion.

The stock exchange said the acquisition of the capital markets software provider, which is owned by software investment firm Thoma Bravo, would expand the capabilities of its liquidity and integrity platforms and bolster its vision to become the “trusted fabric” of the world’s financial system.

Upon closure of the acquisition, which is comprised of almost $6 billion in cash and around 85 million shares of Nasdaq common stock, Holden Spaht, a managing partner at Thoma Bravo, will be appointed to Nasdaq’s board of directors, as it expands from 10 to 12 members with the remaining member unspecified at this time.

Sharing its rationale for acquiring Adenza, Nasdaq cited factors including the firms having “highly complementary” platforms and “compelling synergies”.

Adenza was also deemed to have a healthy financial profile, with estimated revenue of $590 million for 2023 demarcating approximate revenue growth of 15 per cent and annual recurring revenue growth of 18 per cent.

“From fast-evolving global regulations to rapidly increasing pressures to modernize infrastructure, our clients are seeking trusted partners equipped to support them in this challenging environment,” said Adena Friedman, chair and chief executive at Nasdaq. “Nasdaq aspires to be that partner every day, and with Adenza we can offer an even broader range of mission-critical solutions that enhance the liquidity, transparency, and integrity of the world’s financial system.”

“The addition of Adenza accelerates our ambition to modernise and advance the world’s economies,” added Tal Cohen, president of market platforms at Nasdaq.

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