Nasdaq OMX Group announced on Thursday that it plans on combining its software and market technology units. The move comes on the heels of Nasdaq’s acquisition of the investor relations, public relations and multimedia services segments of Thomson Reuters (News - Alert) Corp. in December.
“With that deal, our software businesses will exceed $500 million in revenue,” noted Bob Greifeld, Nasdaq CEO, when commenting on the $390 million procurement.
By combining the company’s software and market technology segments, Nasdaq will be able to sell more services to the companies that list on its exchange, and should draw more revenue from its corporate customers in the process.
Now that it has been incorporated with software and market technology, the new Nasdaq unit calls for an administrator to facilitate the reformation of the technology division.
The new “global technology solutions” sector, as it is now called, will be run by Anna Ewing, who currently oversees Nasdaq’s entire technology unit.
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In addition to facilitating this move, Ewing will supervise the company’s newly hired chief information officer, Bradley Peterson.
For now, Ewing is serving as Nasdaq’s CIO until Peterson’s new position goes into effect on February 6th.
Peterson was hired based on his previous work as CIO for Charles Schwab Corp, as well as for eBay (News - Alert) Inc., and Nasdaq will be looking to leverage his expertise in the management of its newly formed units.
In its competition with software technology providers SunGard and Fidessa, Nasdaq has been looking for ways to break out from its dependence on trading. Both the acquisition of the Thomson Reuters (News - Alert) units and the combination of its own software and market technology units serve as steps in this direction, which will help Nasdaq grow its clientele to include many more businesses not dependent on trade.
The deal with Thomson Reuters will reportedly close in the first half of 2013, and will allow Nasdaq access to 7,000 new global clients spanning more than 60 countries. Currently, Nasdaq’s clientele numbers at about 3,400 listed companies.
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Edited by Brooke Neuman