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According to a report by Bloomberg, private equity firm Vista Equity Partners, led by America’s richest Black man, Robert F. Smith, has acquired a majority stake in TRG Screen, a New York-based company specializing in software that manages corporate subscription spending. These insiders asked not to be named because the deal details remain confidential.
The Austin, Texas, private equity firm and another institutional investor will provide about $250 million for the company’s growth. Pamlico Capital will sell its stake in TRG, which it obtained in 2018 when it invested in the company.
Steve Matthews, TRG’s CEO for the past nine years, will be replaced by Leigh Walters and take on the role of executive chairman. Walters has past experience as TRG’s president and chief operating officer.
In a statement, Matthews expressed his enthusiasm about the transition, emphasizing his continued relationship with the company. Both TRG and Vista Equity representatives verified the statement but did not comment further on financial specifics.
TRG Screen creates software that monitors subscription expenses across businesses. The firm has branches in the UK, France, Germany, Switzerland, the Netherlands, and Singapore.
Vista Equity Senior Managing Director Martin Taylor noted the importance of TRG’s services, given the rising demand for subscription-based models among financial service providers, law firms, and multinational corporations.
Since 2018, TRG has completed four acquisitions, one being the 2021 acquisition of Jordan & Jordan’s market data segment. Matthews sees potential for more in the future, especially with Vista’s financial backing.
