We are proud to announce that Kraken Digital Asset Exchange leveraged Termina's diligence AI on its $1.5 billion acquisition of NinjaTrader.

This marks a major milestone in the convergence of traditional finance and crypto—and a defining moment for the future of AI in M&A.

AI-powered diligence at scale

Kraken’s corporate development team partnered with Termina to conduct BU-level diligence with speed and precision. Using Termina’s on-demand AI diligence, they were able to:

• Analyze billions of raw data points

• Extract BU-level insights with precision, and validate synergy

• Reduce weeks of manual analysis into hours

This acceleration didn’t just save time—it reshaped how critical decisions were made.

"Termina’s rapid, in-depth, BU-level diligence allowed us to react and prioritize our focus quickly and confidently, setting a new benchmark for future acquisitions."

– Robert Moore, VP, Strategy, Business Operations, and Expansion, Kraken

A new era for M&A diligence

This transaction stands as the largest-ever integration between a traditional financial platform and a crypto exchange. It also highlights how modern deal teams are embracing AI to stay competitive in a fast-moving environment.

At Termina, we’ve built our platform to serve forward-thinking investors, corporate development teams, and private equity firms—giving them a faster, smarter, and more confident way to evaluate complex businesses.

What’s next

We’re excited to continue supporting Kraken’s vision and growth. Their mission to bring financial freedom and inclusion to the world aligns with our belief that great decisions start with great diligence.

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Learn more about Termina for M&A.