Thoma Bravo's Behind the Deal How Nasdaq's Acquisition of Adenza is Disrupting Fintech and Modernizing Markets
Feb 1, 2024
Adena Friedman, Chair and CEO of Nasdaq and long-time fintech transformer, discusses Nasdaq’s acquisition of Adenza. They cover why Adenza’s Calypso and AxiomSL assets fit Nasdaq’s strategy. Conversations focus on integration during the pandemic, strategic alignment, organizational changes, and plans to modernize technology and expand market infrastructure.
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Rare Fintech Metrics
- Combining Axiom SL and Calypso created a unique fintech franchise with high retention, strong margins, and sustained organic growth.
- Holden Spate says that pro forma metrics (99% gross retention, ~50% margins, 20% organic growth) made Adenza exceptionally rare.
Prioritize Building The Best Company
- Focus first on building the best possible company rather than obsessing over timing or buyer identity for exit strategy.
- Holden Spate says prioritize improving operations and product quality to attract high-conviction buyers later.
First Zoom Revealed Commitment
- Holden recounts an early Zoom with Adena where her deep knowledge and commercial clarity became obvious within minutes.
- He says that call convinced him of her sponsorship and seriousness about the deal.