Nasdaq acquires Adenza from Thoma Bravo for $10.5b

By Delisha Fernandes

Nasdaq, a technology company, announced it has entered into an agreement to acquire Adenza, a mission-critical risk management and regulatory software provider from Thoma Bravo, a software investment firm, for $10.5 billion in cash and shares of common stock.

Adenza is a fast-growing software company that combines two highly respected and well-recognised global brands – Calypso and AxiomSL. Calypso serves capital markets participants with end-to-end treasury, risk, and collateral management workflows, and AxiomSL supports financial institutions with leading regulatory and compliance software.

Adenza brings an attractive financial profile, with approximately $590 million of 2023E revenue, organic revenue growth1 of roughly 15%, annual recurring revenue growth of 18%, and an adjusted EBITDA margin1 of 58%.

“This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq’s position at the heart of the global financial system,” said Adena Friedman, Chair and Chief Executive Officer Nasdaq. “The acquisition of Adenza brings together two world-class franchises steeped in market infrastructure, regulatory, and risk management expertise at a time when financial institutions are navigating some of the most complex market dynamics in history.”

“When we combined AxiomSL and Calypso almost two years ago under Didier Bouillard’s leadership, we had the vision to create a truly unique software franchise that could help financial institutions across the globe manage their most complex trading, risk and regulatory reporting requirements,” said Holden Spaht, a Managing Partner at Thoma Bravo. “This acquisition is a clear validation of that strategy, and as part of Nasdaq, Adenza will be in a stronger position to build on its impressive momentum and serve an even larger global client base.”