Add-on Acquisition • Software

Nasdaq Acquires Adenza

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

Acquisition Context
  • 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.

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M&A Deal Summary

Date June 12, 2023
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
Barclays Investment Bank
Citi
Evercore Group
HSBC Global Banking and Markets
Jefferies
Piper Sandler & Co. (Financial)
Kirkland & Ellis (Legal)

Target Company

Adenza

New York, New York, United States
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 Overview 1

Buyer

Nasdaq

New York, New York, United States

Category Company
Founded 1971
Sector Financial Services
Employees9,162
Revenue 7.4B USD (2024)
DESCRIPTION
Nasdaq OMX office in Stockholm.
Nasdaq OMX office in Stockholm.

Nasdaq is an exchange company. With so many 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 Context for Buyer #
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 Profile 1

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


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 Context for Seller #
Overall 73 of 86
Sector: Software 32 of 36
Type: Add-on Acquisition 31 of 37
State: New York 2 of 3
Country: United States 68 of 80
Year: 2023 4 of 8
Size (of disclosed) 2 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-03 UserZoom

Los Gatos, California, United States

UserZoom is a Digital User Experience Insights System through its platform, participant recruitment engine and professional services provide the in-depth quantitative and qualitative insights essential to testing, measuring, and improving digital product experiences at speed and scale throughout the product development lifecycle. It helps businesses connect insights to their most important performance metrics, so they can make confident, customer-focused decisions that drive growth and deliver competitive advantage. With operations in North America and Europe, the company helps global brands such as Google, Oracle, Aetna, Santander, News UK, and half of the Fortune 100 raise the bar for an outstanding digital experience. UserZoom was founded in 2007 and is based in Los Gatos, California.

Sell -
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 -