M&A Deal Summary

Nasdaq Acquires Adenza

On June 12, 2023, Nasdaq acquired software company Adenza from Thoma Bravo for 10.5B USD

Acquisition Highlights
  • This is Nasdaq’s 5th transaction in the Software sector.
  • This is Nasdaq’s largest (disclosed) transaction.
  • This is Nasdaq’s 16th transaction in the United States.
  • This is Nasdaq’s 5th transaction in New York.

M&A Deal Summary
Date 2023-06-12
Target Adenza
Sector Software
Buyer(s) Nasdaq
Sellers(s) Thoma Bravo
Deal Type Add-on Acquisition
Deal Value 10.5B USD
Advisor(s) Qatalyst Partners LP
Barclays Investment Bank
Citigroup Investment Banking
Evercore Group
HSBC Global Banking and Markets
Jefferies
Piper Sandler & Co. (Financial)
Kirkland & Ellis (Legal)

Target

Adenza

New York, New York, United States
website
Adenza provides customers with end-to-end, trading, treasury, risk management, and regulatory compliance platforms which can be delivered on-premise or on-cloud. It enables financial institutions to consolidate and streamline their operations with front-to back solutions integrated with data management and reporting, benefitting from a single source of truth across the business. Adenza is based in New York, New York.

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Buyer(S) 1

Buyer

Nasdaq

New York, New York, United States

website

Category Company
Founded 1971
Sector Financial Services
Employees6,377
Revenue 6.2B USD (2022)
DESCRIPTION
Nasdaq OMX office in Stockholm.
Nasdaq OMX office in Stockholm.

Nasdaq is an exchange company. With over 3,900 listed companies, it delivers trading, exchange technology and public company services across six continents. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. Nasdaq was founded in 1971 and is based in New York, New York.

DEAL STATS #
Overall 30 of 30
Sector (Software) 5 of 5
Type (Add-on Acquisition) 23 of 23
State (New York) 5 of 5
Country (United States) 16 of 16
Year (2023) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-02 Metrio

Montreal, Quebec, Canada

Metrio is a provider of environmental, social, and governance (ESG) data collection, analytics, and reporting services. The Company's CSR reporting software has helped more than 5,000 users at over 100 global companies simplify the way they collect, analyze, and share their ESG data to become more sustainable, transparent, and profitable. Metrio was founded in 2009 and is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-01 Nasdaq Salmon Index

United States

Nasdaq Salmon Index serving as a price reference for physical contracts and as a tool for analysts, academia, investors, and banks.

Sell -

Seller(S) 1

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 69 of 73
Sector (Software) 31 of 32
Type (Add-on Acquisition) 31 of 33
State (New York) 2 of 2
Country (United States) 64 of 68
Year (2023) 2 of 6
Size (of disclosed) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-20 Magnet Forensics

Waterloo, Ontario, Canada

Magnet Forensics is a developer of digital investigation software that acquires, analyzes, reports on, and manages evidence from digital sources, including computers, mobile devices, IoT devices, and cloud services. Its software is used by more than 4,000 public and private sector customers in over 90 countries and helps investigators fight crime, protect assets and guard national security. Magnet Forensics was founded in 2010 and is headquartered in Waterloo, Ontario.

Buy CA$1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-17 Bluesight

Alexandria, Virginia, United States

Bluesight solves supply chain inefficiencies and reduces risk by using AI and machine learning to surface actionable analytics for every step of the medication lifecycle. Bluesight is based in Alexandria, Virginia.

Buy -
Mergr

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Company

Legal