Nasdaq wants to better weave itself into the financial technology ecosystem, which provides steadier revenue than its marketplace.

Nasdaq’s evolution from stock exchange to comprehensive tech provider continues, as the firm announces plans to buy financial software firm Adenza.  

Adenza’s platform helps banks and brokerages manage trading, risk management, and data reporting, and would add to Nasdaq’s compliance-focused software services.  

“This is an incredibly exciting deal for us as we continue to transform the company into a leading technology company that serves the industry,” Nasdaq CEO Adena Friedman told The Wall Street Journal.  

The acquisition, if completed, would help Nasdaq grow its software-related revenues, which are steadier than those dependent on trading volumes, and would be the firm’s largest-ever acquisition.