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But all the deals and pomp of the visit — including an address to Congress and a lavish state dinner — may not have accomplished what the White House had wanted. U.S. leaders gave Modi a hearty welcome, as Washington seeks to nudge India further into the American sphere of influence. “The partnership is among the most consequential in the world,” Biden said at a news conference on Thursday. Biden and Modi largely brushed off criticism of the Indian government’s crackdown on human rights and religious freedom. And Modi made no pledges to endorse U.S. efforts to restrain China, nor to cut ties to Russia.

Persons: Modi, ” Biden, Dave Calhoun, Larry Culp, G.E, James Taiclet, Lockheed Martin, Sam Altman, OpenAI, Tim Cook, Sanjay Mehrotra, Sundar Pichai, Lisa Su, Ken Chenault, Jane Fraser, Adena Friedman, Deven Parekh, Hemant Taneja, ” Taneja, DealBook, Biden Organizations: White, General Electric, chipmakers, Micron, Materials, World Trade Organization, America, Boeing, Lockheed, Tech, Apple, Citigroup, Nasdaq, Insight Venture Partners, Catalyst, The Times, House Locations: India, China, Russia, U.S, Washington, portobello, United States

☆ Nasdaq expects expanded markets to justify $10.5 bln Adenza merger price tag
▼ + stars: | 2023-06-22 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

By one metric, Nasdaq paid around what Thoma Bravo spent on creating Adenza through the merger of two software firms, the sources familiar with the deal said. Nasdaq also hopes to cut overlapping costs, which would boost profitability and make the deal look cheaper, one of the sources said. With Adenza, Nasdaq's recurring revenues, which investors like for their predictability, will comprise around 77% of overall revenues, up from 71%. A director at one of Nasdaq's largest shareholders, whose firm supports the Adenza deal, said there were few good companies left that could be synergistic to Nasdaq. One of the sources said once Nasdaq also cuts out costs, the multiple will be closer to the mid-20s.

Persons: Thoma, Adena, Thoma Bravo, Friedman, Rosenblatt, Andrew Bond, Adena's, she's, Bond, Morningstar, Michael Miller, pushback, Adenza, Verafin, John McCrank, Paritosh Bansal, David Gregorio Our Organizations: YORK, Nasdaq, Thoma Bravo, Adenza, Rosenblatt Securities, BBB, Adenza's, Thomson Locations: United States, Europe, Adenza

☆ Nasdaq CEO Adena Friedman Pursues a Black Belt in Deal Making
▼ + stars: | 2023-06-16 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/nasdaq-ceo-adena-friedman-pursues-a-black-belt-in-dealmaking-ddf6df69

Persons: Dow Jones, friedman Organizations: nasdaq

☆ Nasdaq CEO Adena Friedman Pursues a Black Belt in Dealmaking
▼ + stars: | 2023-06-16 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Persons: Dow Jones, friedman Organizations: nasdaq

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

☆ Nasdaq deepens fintech push with $10.5 bln Adenza deal
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. It intends to issue about 14.5% of its outstanding shares to the owners of Adenza, which is controlled by Thoma Bravo. Adenza, which makes software used by banks and brokerages, is expected to hit about $590 million in annual 2023 revenue, Nasdaq added. The upbeat results came on the back of the company's $2.75 billion deal for anti-financial crime software firm Verafin. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are financial advisors to Nasdaq, while Qatalyst Partners LP is lead financial advisor to Thoma Bravo and Adenza on the deal.

Persons: Thoma, Adena Friedman, Tal Cohen, Friedman, Adenza, Goldman Sachs, Manya Saini, Nivedita Organizations: Nasdaq, Thoma Bravo, Solutions, Wall, Goldman Sachs & Co, Morgan Securities, Qatalyst, Thomson Locations: U.S, Bengaluru

☆ Nasdaq just announced a $10.5 billion deal to scoop up a behind-the-scenes tech provider for Wall Street
▼ + stars: | 2023-06-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Nasdaq announced plans to acquire Adenza from PE firm Thoma Bravo. Nasdaq has looked to add new tech solutions to its business under CEO Adena Friedman. The exchange operator announced plans to acquire behind-the-scenes tech provider Adenza in a cash-and-stock deal valued at $10.5 billion. Adenza, owned by private equity firm Thoma Bravo, provides risk management and regulatory tech for banks and brokerages. In the wake of the deal, Nasdaq's solutions business will account for 77% of the company's total revenue.

Persons: Thoma, Adena Friedman, Holden Spaht, Friedman, Freidman, Goldman Sachs, Piper Sandler Organizations: Nasdaq, Thoma Bravo, Wall, JPMorgan, Qatalyst Partners, Barclays, Citi, Evercore, HSBC, Jefferies

☆ Nasdaq futureproofs itself, but at 2021 prices
▼ + stars: | 2023-06-12 | by ( John Foley | ) www.reuters.com time to read: +3 min

NEW YORK, June 12 (Reuters Breakingviews) - Nasdaq (NDAQ.O) is catapulting itself into the future - but paying yesterday’s high prices to get there. She pursued this one with gusto, though: Adenza wasn’t for sale when Nasdaq started wooing Thoma Bravo, say people familiar with the situation. Little wonder Nasdaq shares plunged over 10% on Monday. The U.S.-based exchange operator would pay just under $5.8 billion in cash and the rest in new Nasdaq shares, leaving Thoma Bravo with a 14.9% stake. Nasdaq shares had fallen 9.4% by 10.00am EST on June 12.

Persons: Thoma, Adena, Friedman, Bob Greifeld, Adenza, Thoma Bravo, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Nasdaq, Thoma Bravo, Calypso Technology, Thomson Locations: U.S

☆ Nasdaq CEO Adena Friedman on Adenza deal: Brings more capabilities to each of our clients
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNasdaq CEO Adena Friedman on Adenza deal: Brings more capabilities to each of our clientsAdena Friedman, Nasdaq chair and CEO, joins 'Squawk Box' to discuss the exchange operator's deal to acquire financial services software and technology company Adenza from private equity firm Thoma Bravo for $10.5 billion, and more.

Persons: Adena Friedman, Thoma Organizations: Nasdaq, Thoma Bravo

☆ The future of AI in finance might be about accepting what we don't know
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Such a suggestion is blasphemy — and potentially illegal — on Wall Street. But as AI tech continues to advance, one Wall Street executive is wondering if there isn't some wiggle room on those types of policies. But what really caught my eye was Friedman's comments around having to fully understand how the AI works. That's a fascinating thought exercise, and one worth having with how quick AI tech seems to be evolving these days. Wall Street is getting fed up with Amazon.

Persons: Dan DeFrancesco, we've, Adena Friedman, shouldn't, Simon Berlyn, Robert Kindler, Morgan Stanley, Paul, Weiss, Garrison, Marc Lasry, Frank, Charlie Javice, Sam Altman, Bernstein, Rod Stewart, We've, Jeffrey Cane, Nathan Rennolds Organizations: PE, Disney, Pixar, . Finance, Nasdaq, Bloomberg Invest, Milwaukee Bucks, JPMorgan, Amazon, Communist Party, LinkedIn Locations: NYC, Point72, Rifkind, Wharton, New York, London

☆ Nasdaq's CEO outlined 3 ways firms can put up a better fight against financial crime
▼ + stars: | 2023-06-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Nasdaq CEO and Chair Adena Friedman spoke about how regulators can help banks fight financial crime. A Wall Street executive has a three-point plan for regulators to consider to help banks tackle financial crime. The exchange operator is "challenging the regulators" to think of different ways to help firms in that fight, she added. Friedman, whose company acquired an anti-financial crime management tool a little over two years ago, said it starts with data sharing between financial firms. "Criminals don't just bank in one bank," she said, adding that pooling of information can help firms suss out patterns of bad behavior across different systems.

Persons: Adena Friedman, Friedman, we've Organizations: Nasdaq, Bloomberg Invest, Morning, Wall Locations: New York, Europe

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

☆ Major Financial institutions warn of "devastating scenario" if Biden and Congress do not raise debt ceiling
▼ + stars: | 2023-05-16 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

In an open letter to President Biden and top Congressional leaders Tuesday, nearly 150 business leaders urged the two sides to act – or face “a devastating scenario … and potentially disastrous consequences,” the letter states. Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system,” the letter states. A default on the nation’s debt could send the economy into a recession, and the stock market could tank. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Secretary Yellen wrote Monday. “This cannot be allowed to happen,” the letter states.

☆ When ‘Homicide’ Hit Its Stride
▼ + stars: | 2023-05-11 | by ( Saul Austerlitz | ) www.nytimes.com time to read: +2 min

The Dallas Cowboys demolished the Buffalo Bills, 52-17, and the broadcast was followed by the premiere of a new NBC drama, set in Baltimore, studying the work of the city’s homicide detectives. The series was called “Homicide: Life on the Street,” and it was based on a book by David Simon, then a Baltimore Sun reporter who had spent a year tagging along with the police department’s homicide squad. Post-Super Bowl premiere notwithstanding, “Homicide” was never a ratings success, but it stayed on the air for seven seasons, winning four Emmys and three Peabody Awards. The show’s fifth episode, “Three Men and Adena,” which first aired in March, was a stark, dramatic example of what made “Homicide” different from other cop shows. Pembleton and Bayliss prod, provoke and rage, but “Homicide” refuses to grant the audience the resolution they crave.

☆ Companies can go public even in a muted economic environment, says Nasdaq CEO Adena Friedman
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompanies can go public even in a muted economic environment, says Nasdaq CEO Adena FriedmanNasdaq CEO Adena Friedman joins CNBC's 'Squawk Box' to discuss the company's first-quarter earnings report, the risk & rewards of A.I., and the technology implementation at the stock exchange.

☆ Watch CNBC's full interview with Nasdaq CEO Adena Friedman
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nasdaq CEO Adena FriedmanNasdaq CEO Adena Friedman joins CNBC's 'Squawk Box' to discuss the company's first-quarter earnings report, the risk & rewards of A.I., and the technology implementation at the stock exchange.

☆ As ChatGPT mania takes hold, here's how companies beyond tech are using A.I.
▼ + stars: | 2023-02-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

AI's been in use for years, of course, helping companies improve products, efficiency and their business models. Media conglomerate Comcast (the parent of CNBC) is harnessing AI to improve expenses and innovate within high-speed broadband, while Stanley Black & Decker mentioned it's using AI to help customers better measure the hardening of concrete. Here's how some of the biggest companies outside of technology are utilizing AI to improve their businesses: Healthcare companies bet on AI One of the biggest beneficiaries of the latest AI trends might be healthcare companies. Some health companies also view machine learning and AI as tools to assist in areas with doctor shortages or fewer resources. Minneapolis-based utility Xcel Energy said it's using AI technology to improve efficiency at its plants and move from "reactive to proactive maintenance," said Brian Van Abel, Xcel's chief financial officer.

☆ From PayPal to Facebook, Silicon Valley has long been obsessed with the idea of company "mafias." Take a look at ex-Square staffers who have created more than $40 billion of startup value.
▼ + stars: | 2023-01-27 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

The idea of Silicon Valley "mafias" first emerged with the Oracle, Facebook, and PayPal mafias. Former Square staffers have gone on to launch startups worth nearly $40 billion cumulatively. Silicon Valley insiders have long been obsessed with the idea of startup "mafias." The "PayPal mafia" was perhaps the most infamous company that spawned the founders of tech giants like YouTube, Yelp, Tesla, and LinkedIn. Facebook and Oracle also have their own mafias of former employees that have produced iconic tech companies like Salesforce, Asana, and GoodRx.

☆ Nearly $40 billion of startup value later, here's what the members of the Square mafia have been up to since leaving the fintech giant
▼ + stars: | 2023-01-23 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com time to read: +3 min

Former Square staffers have gone on to launch startups worth nearly $40 billion cumulatively. Insider tracked 15 members of the "Square mafia" to see what they're up to these days. The "PayPal mafia" was perhaps the most infamous company that spawned the founders of tech giants like YouTube, Yelp, Tesla, and LinkedIn. Facebook and Oracle also have their own mafias of former employees that have produced iconic tech companies like Salesforce, Asana, and GoodRx. Insider tracked 15 ex-Square employees in their current ventures, ranging from launching multibillion-dollar public companies to running high-profile VC firms.

☆ Nasdaq CEO Adena Friedman breaks down 2023 economic outlook from Davos
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNasdaq CEO Adena Friedman breaks down 2023 economic outlook from DavosAdena Friedman, Nasdaq chairman and CEO, joins 'Squawk Box' to discuss the outlook for 2023, what will operate differently know that the cost of capital is higher and more.

Proptech customers, employees, and investors said they went from delighted to disillusioned. Proptech investors eager to capture these trends pumped $32 billion into the industry in 2021. As markets deteriorated, disillusionment set in among proptech customers, investors, and employees. Some customers say they were disappointed buying homes via proptech startupsReal-estate startups like Divvy Homes and Better launched under the auspices of helping customers afford quality homes. Investors in proptech firms are taking financial hitsYou don't need to ask proptech investors whether they're disappointed in the sector's performance — just look at share prices.

☆ Watch CNBC's full interview with Nasdaq Chair and CEO Adena Friedman
▼ + stars: | 2023-01-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nasdaq Chair and CEO Adena FriedmanAdena Friedman, chairman and CEO of the NASDAQ, joins 'TechCheck' to discuss her outlook for the markets heading into 2023.

☆ Nasdaq CEO to take on additional role as board chair
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

[1/2] file photo: President and CEO of Nasdaq Adena Friedman attends the Reuters NEXT Newsmaker event in New York City, U.S., November 30, 2022. REUTERS/Brendan McDermidDec 19 (Reuters) - Exchange operator Nasdaq Inc (NDAQ.O) said on Monday Chief Executive Officer Adena Friedman would take on the additional role of board chair. Friedman replaces Michael Splinter, who will take on the role of lead independent director for the exchange operator. Friedman has been Nasdaq's CEO for over five years. Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ IPO market freeze sparks 80% drop in Nasdaq listings
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Equity listings on the Nasdaq fell about 80% this year, as the appetite for new issues took a hit from extreme volatility in the stock market, sparked by the Federal Reserve's war on inflation. The U.S. central bank on Wednesday raised rates as expected, but rattled investors by saying rates would remain higher for longer. That has also weighed on technology IPOs, which generally form the bulk of U.S. listings. For the year, the technology-heavy Nasdaq index (.NDX) is down 28%, well below a 16.2% decline in the S&P 500 (.SPX) index and a 6.5% drop in blue-chip Dow Jones Industrial Average index (.DJI). read moreReuters GraphicsReporting by Mehnaz Yasmin and Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Dec 12 (Reuters Breakingviews) - Hong Kong’s bankers and officials fantasise about the moment China finally ditches its Covid-19 restrictions. Mainland Chinese firms account for eight of Hong Kong Exchanges and Clearing’s (0388.HK) ten largest ever IPOs. It remains faster for Chinese companies to list in Hong Kong, rather than join the long queue on the mainland. Hong Kong could also host more offerings from places like the Middle East and Southeast Asia, as Cha envisions. IPOs on the Hong Kong exchange have raised $7.1 billion so far in 2022, according to Refinitiv data for the year up to Dec. 7.

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