NEW YORK Nasdaq OMX Group said on Thursday it is combining its software and market technology units as the exchange operator looks to sell more services to the companies that list on its exchanges and draw more revenue from its corporate customers.
The catalyst for the new software-based segment was Nasdaq's acquisition of Thomson Reuters Corp's investor relations, public relations and multimedia services units for $390 million in December, Bob Greifeld, Nasdaq's chief executive officer, said in an interview.
"With that deal, our software businesses will exceed $500 million in revenue," he said, making the unit one of Nasdaq's largest reportable segments.
The new "global technology solutions" business unit will be led by Anna Ewing, who currently runs Nasdaq's technology unit, and has been assigned the task of integrating the new units.
Nasdaq also said it appointed Bradley Peterson as global chief information officer, effective February 6.
Peterson, a former CIO for Charles Schwab Corp and for eBay Inc, will report to Ewing, who currently holds the CIO position.
The Thomson Reuters deal adds to the exchange operator's businesses that do not depend on trading. The deal, which is expected to close in the first half of 2013, gives Nasdaq 7,000 new clients in more than 60 countries.
Nasdaq currently delivers trading, exchange technology and public company services to around 3,400 listed companies.
The move will help Nasdaq better compete against other large software technology providers, such as SunGard and Fidessa.
Nasdaq currently gets more than 70 percent of its revenue from businesses that do not depend on transactions. The Thomson Reuters units Nasdaq is buying helps companies communicate with investors and media and create and distribute video presentations.
(Reporting By John McCrank; Editing by Nick Zieminski)