TIL about 🔗 Adenza - Nasdaq just bought them at an 18 times expected 2023 revenue - for a total of $10.5 BILLION .. which gave Thoma Bravo a profit of close to 100% in less than two years. Not only that but Nasdaq doubled its debt load to do the deal. The 18 times revenue is interesting in that it is triple the usual revenue to acquisition ratio.

Nasdaq closed down 10%. As far I can see, the Nasdaq people who did the deal kept their jobs.