We’re pleased to announce we have entered into a definitive agreement to acquire Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from Thoma Bravo, a leading software investment firm.
Our acquisition of Adenza underscores our commitment to modernizing the capital markets industry by improving standardization, addressing market reform efficiently and accelerating digitization.
Meet Adenza
Adenza Provides Mission-Critical Capital Markets and Regulatory Solutions to the Financial Industry
Adenza is a fast-growing software company created through the combination of two highly respected and well-recognized 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 globally.
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Adenza is a fast-growing software company created through the combination of two highly respected and well-recognized 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 globally.
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.
Secular Trends
Meeting Financial Institutions’ Most Complex Needs
Adenza complements Nasdaq’s trusted brand and platform of mission-critical solutions, across Marketplace Technology and Anti-Financial Crime solutions, with a broader spectrum of offerings in areas such as regulatory technology, compliance, and risk management solutions.
Regulation
- New major versions of past frameworks (e.g., Basel IV,EMIR)
- Regulatory push to strengthen bank liquidity management after recent crisis (IRRBB1, liquidity ratios)
- New regulation to address emerging industry trends (ESG)
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- New major versions of past frameworks (e.g., Basel IV,EMIR)
- Regulatory push to strengthen bank liquidity management after recent crisis (IRRBB1, liquidity ratios)
- New regulation to address emerging industry trends (ESG)
Simplification
- Large sell-side clients consolidate platforms for efficiency to lower their total cost of ownership
- Mid-size sell-side clients upgrade their platforms for evolving client needs
- Buy-side clients need to be equipped to modernize and respond to new regulation
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- Large sell-side clients consolidate platforms for efficiency to lower their total cost of ownership
- Mid-size sell-side clients upgrade their platforms for evolving client needs
- Buy-side clients need to be equipped to modernize and respond to new regulation
Powering Market Modernization
Two Great Cultures with Complementary Technologies
A diverse community of 3,100+ customers and 60,000+ users in asset managers, sell-side institutions, financial market infrastructures and regulators in over 70 countries.
A Highly Compelling Strategic Acquisition
The acquisition of Adenza is an exciting opportunity to align two great cultures with complementary technologies and client reach to create a world-class technology solutions provider for the financial industry.
The addition of Adenza accelerates Nasdaq’s journey to advance the world’s economies through market modernization, and represents a major leap forward in our ability to serve our clients’ biggest and most complex problems.
Nasdaq + Adenza: Uniquely Positioned in Large and Fast-Growing Markets
Nasdaq's Strategic Pivot
Five Years of Strategic Innovation
With disruption in our DNA, we’ve been rewriting tomorrow for more than 50 years. Over the past five years, we’ve accelerated that journey — investing in the technology, analytics, and innovation to propel us forward and help create a financial system for our future.
June 2022
Catalyzing Progress in Sustainability
Nasdaq acquires Metrio, a leader in ESG analytics and reporting services.
Nov 2021
Elevating Markets to the Cloud
Nasdaq and AWS partner to build the next generation of cloud-enabled infrastructure for the world's capital markets.
June 2021
Scaling Carbon Removal
Nasdaq acquires a majority stake in the emerging carbon removal market Puro.earth.
Feb 2021
Fighting Financial Crime
Nasdaq expands anti-financial crime focus with acquisition of Verafin, a leading provider of fraud and anti-money laundering solution.
March 2020
Elevating Asset Management Solutions
Nasdaq acquires Solovis, merging it with eVestment capabilities to offer portfolio analysis and monitoring for institutional investors and consultants.
Feb 2020
Enhancing ESG Reporting
Nasdaq acquires OneReport, a provider of corporate responsibility and ESG data management and reporting services.
Oct 2019
Advancing Board Excellence
Nasdaq acquires the Center for Board Excellence, a provider of corporate governance and compliance solutions.
Jan 2019
Strengthening Our Market Infrastructure Technology
Nasdaq acquires Cinnober, a leading provider of trading and clearing technology, serving exchanges and clearing houses globally.
Dec 2018
Investing in Alternative Data
Nasdaq acquires Quandl, a provider of alternative and core financial data.
Oct 2017
Unlocking Institutional Intelligence
Nasdaq acquires eVestment, a content and analytics provider used to facilitate institutional investment decisions.
Have Questions?
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On June 12, 2023, Nasdaq announced an agreement to acquire Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from private equity firm Thoma Bravo.
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The Adenza transaction is a natural next milestone in Nasdaq’s journey toward becoming a leading technology partner to the world’s financial institutions.
Adenza will help strengthen Nasdaq’s existing portfolio of mission-critical technologies that are driving efficiency, transparency, and integrity at over 130 financial market infrastructures and more than 2,700 financial institutions worldwide across our Marketplace Technology, Surveillance, and Fraud & Anti-Money Laundering solutions businesses.
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Adenza is a well-run and scaled technology company that delivers a highly flexible and modular platform of mission critical solutions to financial institutions globally. Adenza is the result of a merger in 2021 of two highly respected and well-known brands: Calypso and AxiomSL.
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Calypso serves Capital Market participants with front-to-back services across the trade lifecycle, covering trade, treasury, collateral, and risk management. Their core clients are Tier 2 and Tier 3 sell-side institutions, and they are deeply embedded in the workflows of their clients, with strength in EMEA and North America.
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AxiomSL serves the broader financial services community with a comprehensive and global regulatory and compliance platform that covers 55 jurisdictions and 110 regulators. Axiom has established itself as the recognized leader in Reg tech for its core client base of Tier 1 banks across North America and EMEA.
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Adenza expands our ability to provide mission critical technology to global financial institutions as they manage the risk, capital, and regulatory complexities of the global financial system.
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If you are a current Nasdaq client and have questions about this announcement, please contact your account manager or contact Tech@nasdaq.com.
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Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking information related to Nasdaq, Adenza and the proposed acquisition of Adenza by Nasdaq that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “expects,” “enables,” “will,” “plans,” “pro forma,” “estimates,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction; Nasdaq’s plans, objectives, expectations and intentions regarding Adenza; the financial condition, results of operations and business of Nasdaq or Adenza; and the anticipated timing of closing of the proposed transaction. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; Nasdaq’s ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaq’s ability to successfully integrate Adenza's operations; Nasdaq’s ability to implement its plans, forecasts and other expectations with respect to Adenza's business after the completion of the transaction and realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the impact of Adenza's business model on Nasdaq’s ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaq’s ongoing business operations; the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; future levels of Nasdaq’s indebtedness, including additional indebtedness that will be incurred in connection with the proposed transaction; and the effect of the announcement or pendency of the transaction on Adenza's business relationships, operating results, and business generally.
Further information on these and other risk and uncertainties relating to Nasdaq, including, but not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of Nasdaq's website at ir.nasdaq.com. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq and Adenza disclaim any obligation to update these forward-looking statements, except as required by law.