Partnership with Vista reinforces TRG Screen's leadership in enterprise subscription spend and usage management; capital will accelerate growth initiatives to address an increasingly complex market data and information environment
NEW YORK, Oct. 3, 2023 /PRNewswire/ -- TRG Screen, the leading provider of enterprise subscription spend and usage management software, today announced a strategic growth investment from Vista Equity Partners ("Vista"), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses. TRG Screen will use the capital to accelerate product innovation, talent, and go-to-market functions to meet the growing demand for transparency, compliance, and control of market data and information consumption.
TRG Screen also announced that Leigh Walters has been appointed Chief Executive Officer. Walters, who will succeed Steve Matthews, has previously served as both President and Chief Operating Officer of TRG Screen since joining in 2017. As part of this planned transition, Matthews will assume the role of Executive Chairman after serving as CEO for the past nine years. He will continue to partner with Leigh and the company's executive team in driving strategic growth.
"This investment from Vista comes following the tremendous success TRG Screen has achieved in providing our customers with leading subscription spend and usage management capabilities; it will also further accelerate our software and managed service offerings in response to the market's demand for best-in-class solutions," said Leigh Walters, CEO of TRG Screen.
"Following a successful investment with Pamlico Capital, we are excited to partner with Vista to continue our mission of delivering integrated customer solutions to optimize subscription spend and usage. Vista's team of investors, operators, and technologists understand the unique opportunity of a company like TRG Screen, and we look forward to working with them in our next phase of growth," added Steve Matthews, Executive Chairman of TRG Screen.
Driven by an ever-increasing demand for data and information, the subscription landscape continues to grow in both size and complexity, with financial market data alone representing $37.3 billion annual spend in 2022.1 TRG Screen's modern solutions provide actionable insights into spend and consumption patterns, providing customers with complex and expensive subscriptions with clear visibility into their spend, usage, and compliance, against a backdrop of increased cost pressure. TRG Screen currently serves more than 500 financial services organizations, law firms, and global enterprise customers that jointly manage over $8.5 billion in subscription spend.
"The proliferation of subscription-based services has made controlling costs, monitoring usage, and managing access a top priority for leading financial services organizations, law firms, and global enterprises. TRG Screen's platform is mission-critical, providing customers with the visibility to make impactful business decisions. We congratulate Steve on positioning TRG Screen to define the future of subscription spend and usage management and are excited to partner with Leigh and the rest of the team to support TRG Screen's long-term growth and success," said Martin Taylor, Co-Head of Vista's Foundation Fund and Senior Managing Director.
"We truly enjoyed working with Steve, Leigh, and the entire TRG Screen team. They are talented operators, and we are thankful to have had the opportunity to help them achieve their vision for the business," said Walker Simmons, Partner at Pamlico Capital.
Kirkland & Ellis LLP served as legal counsel to Vista, Raymond James served as financial advisor to Vista, and Oliver Wyman served as commercial diligence advisor to Vista. Alston & Bird LLP served as legal advisor and William Blair & Company and Truist Securities served as financial advisors to Pamlico and TRG Screen.
Additional financial terms of the transaction were not disclosed.
About TRG Screen
TRG Screen is the leading provider of enterprise subscription management solutions. Founded in 1998, TRG Screen is uniquely differentiated by its ability to monitor both spend and usage of data and information services including market data, research, software licenses, consulting and other corporate expenses. TRG Screen's solutions provide its customers with full transparency into their vendor relationships and their subscription spend and usage, enabling them to optimize their enterprise subscriptions. TRG acquired Priory Solutions in 2016, Screen Group in 2018, Axon Financial Systems in 2019, Market Data Insights in 2020, and Jordan & Jordan's Market Data Reporting (MDR) business in 2021 and with these acquisitions is now positioned as the global market leader in the financial, legal, and professional services markets. TRG Screen's product portfolio includes subscription spend, usage, enquiry and compliance solutions. For more information visit trgscreen.com. Follow TRG Screen on LinkedIn, @TRG Screen, and on Twitter, @trgscreen.
About Vista Equity Partners
Vista is a leading global investment firm with more than $100 billion in assets under management as of June 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.
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