Nasdaq deepens fintech push with $10.5 billion Adenza deal

Nasdaq on Monday said it will buy Thoma Bravo-owned software firm Adenza for $10.5 billion, in what would be the exchange operator’s biggest acquisition as it speeds up its push to become a more tech-focused company.

Shares of Nasdaq extended losses to trade down 8.4% at $53 before the bell.

The purchase, consisting of $5.75 billion in cash and 85.6 million shares of Nasdaq common stock, is expected to help growth at the stock exchange operator, which is trying to diversify under Chief Executive Officer Adena Friedman.

“With Adenza, we will have a more complete suite of essential software and technology solutions that make managing risks and complying with regulations simpler and more efficient for our clients,” Tal Cohen, president of Market Platforms at Nasdaq said in a statement.