Nasdaq has reached an agreement to acquire financial-software manufacturer Adenza from its private equity owners in a deal valued at $10.5 billion in cash and stock, marking Nasdaq's largest-ever acquisition. According to Nasdaq's statement on Monday, Thoma Bravo, the private equity firm that currently owns Adenza, will receive a 14.9% stake in Nasdaq and a board seat as part of the transaction.

Nasdaq aims to reduce its reliance on revenue generated from trading-related transactions and data, which can be variable. Through the acquisition of Adenza, Nasdaq anticipates that its solutions businesses will account for 77% of total revenue, up from the current 71%, thereby expanding its potential market even further.