When most people think of Nasdaq, they think of big tech stocks: It is, after all, the world’s No. 2 stock exchange and home to the likes of Amazon.com, Apple, Facebook, Google and Microsoft. But when Adena Friedman looks at the company, she thinks fintech. To make that vision a reality, Friedman, who became Nasdaq’s chief executive officer in 2017, has completed at least a dozen acquisitions, culminating in the $10.5 billion takeover of financial software house Adenza on Nov. 1.

Shareholders weren’t enthusiastic, pushing Nasdaq stock down by 12% the day the deal was announced in June. While investors have largely embraced Friedman’s overall strategy of shifting away from simply running an exchange—Nasdaq shares have jumped more than 130% on her watch—some analysts pointed to the steep cost of this latest purchase, with a valuation roughly 18 times Adenza’s sales. Nasdaq took on more than $5 billion in debt, almost doubling its debt-to-earnings ratio, spurring S&P to downgrade its credit rating. Others fret about the power the transaction hands to the seller, Thoma Bravo LLC. The private equity firm got a 14.9% stake in Nasdaq, giving it a seat on the board and making it the company’s No. 2 shareholder.