Investment Strengthens TRG’s Position as Global Market Leader in Enterprise Spend Management
The new Company will have a greater suite of complementary, innovative software solutions that will be uniquely positioned to provide the full spectrum of subscription spend management capabilities across expense management (FITS, INFOmatch), usage tracking (ResearchMonitor), enquiry management (Quest), specialist consulting services and events to many of the world’s leading financial, legal and professional services firms. The combined Company is committed to continuing to support and grow both FITS and INFOmatch products for the foreseeable future.
The deal will bring significant benefits to customers by enhancing the Company’s ability to support multiple spend and revenue categories, including market and reference data, index licenses, research services and software licenses. In addition, there is an immediate opportunity to cross sell products such as TRG’s ResearchMonitor, which provides analytics on subscriber usage, to Screen’s INFOmatch and Consultancy customers. By combining Screen’s spend management capabilities with TRG’s Research Monitor usage platform, the Company will enable a broader set of customers to optimize their subscription spend and maximize their annual savings.
Building upon both companies’ market leading positions in their respective geographies (TRG: North America/ UK/Australia; Screen: Continental Europe, Africa, Middle-East and Asia), the deal will create a truly global service and support organization with offices in the US, UK, the Netherlands, France, Germany, Switzerland, Singapore and New Zealand.
In addition, with over 100 employees, the combined Company will have a larger resource and expertise pool to support the combined Company’s over 500 customers. The Company will realize efficiencies in product development and delivery while generally benefiting from economies of scale, which will provide a greater ability to invest in further growth and innovation.
“Through this partnership with Screen, TRG will be able to offer an integrated, scaled spend management platform with the ability to address any global enterprise that operates in data-intensive industry verticals anywhere in the world,” said TRG CEO Steve Matthews. “Together, the companies are able to offer a powerful growth engine with multiple opportunities for enhanced profitable growth in the future.”
“We are thrilled to be joining the TRG family in order to bring new opportunities for current and potential customers within the market data and enterprise spend management industries, while also offering an unparalleled combination of scale, domain expertise and global reach that stands out as second to none among our competitive set,” said Screen co-founders and joint CEOs Peter Fruitema and Kees Brooimans. “We have a longstanding relationship with TRG’s executives and are excited to be taking this next step together.”
The acquisition demonstrates the Company’s ongoing commitment to its continued global growth and unrelenting product innovation, which began in 2014 with the investment from Boston-based Polaris Partners and continued in 2016 with the acquisition of Priory Solutions. Mr. Matthews will lead the new Company, with Messrs. Fruitema and Brooimans reporting directly to him.
The acquisition closed on January 10, 2018. Financial terms of the transaction were not disclosed.