Law firm subscribers to TRG Screen‘s Quest, Research Monitor and Smart Recharge products will be thrilled to hear that TRG has secured long term strategic investment from Pamlico Capital, a Charlotte, NC based private equity firm. The Research Monitor product helps law firms collect utilization and ROI data on the high ticket digital resources that lawyers and administrators rely to inform the business and practice of law. Quest is a research workflow tool that helps research teams across multiple offices and timezones manage and optimize workflow. Both products help law library directors and CKOs optimize digital and staff resources and budgets. According to Steve Matthews, CEO at TRG Screen, about 75% of the Amlaw 100 firms now subscribe to one of TRG’s products.
The press release highlights some important promises to subscribers: “With Pamlico’s backing, TRG Screen will accelerate its investment in its unique portfolio of spend and usage capabilities, adding new solutions that bring breadth and depth to the subscription lifecycle, and continuing expansion into new expense categories and client segments.”
TRG acquired Priory Solutions in 2016 and Screen Group earlier this year,. The company has a global client base and is recognized as a leading provider of spend, usage and research workflow management solutions to the financial, legal and professional services markets. Previously, TRG received a strategic investment from Polaris Partners in 2014 that has enabled them to invest and grow the business over the past 4 years. Pamlico will now be replacing Polaris as TRG Screen’s investment partner and is committed to accelerating investment in the business. Pamlico is a long-term strategic investor and in addition to the capital injection, this transaction ensures a consistent ownership and stability for our employees and clients over the next 5+ years. Pamlico has invested over $3 billion since its inception in 1998, and has a proven track record of supporting companies and helping drive growth through innovation and acquisition.”
Use the Funds to Innovate I regard the analytics provided by products like Research Monitor to be indispensable for the management of digital resource budgets and identifying potential product cancellations in order to bring in new products. So an injection of funds into TRG Screen products will drive continued product enhancement. In particular, I can imagine new solutions driven by the integration of machine learning and AI technologies within the Research Monitor and Quest products delivering new kinds of workflows and insights.
Here is the full press release:
TRG SCREEN RECEIVES INVESTMENT FROM PAMLICO CAPITAL
Investment supports TRG’s continued success as it enters the next phase of growth
November 7, 2018 – New York, NY and Charlotte, NC – TRG Screen, a leading provider of enterprise subscription management solutions, announced that it has entered into an agreement to receive an investment from affiliates of Pamlico Capital (“Pamlico”). Terms of the transaction were not disclosed.
With Pamlico’s backing, TRG Screen will accelerate its investment in its unique portfolio of spend and usage capabilities, adding new solutions that bring breadth and depth to the subscription lifecycle, and continuing expansion into new expense categories and client segments.
TRG is partnering with Pamlico at an exciting time. Following several years of very strong growth, plus the acquisition of Priory Solutions in 2016 and Screen Group earlier this year, the Company has built a large global client base and is the leading provider of spend and usage solutions to the financial, legal and professional services markets. This success has been built upon TRG’s product portfolio which provides the unique combination of comprehensive subscription spend capabilities, plus full transparency into usage, allowing TRG’s clients to truly optimize their spend.
“I could not be more excited to partner with Pamlico on this next stage of our growth journey” says Steve Matthews, CEO of TRG Screen. “This is a very exciting time for our company. The subscription economy is creating a dramatic shift towards subscription-based services and at TRG Screen we are uniquely positioned to help our clients optimize their spend and usage across their full spectrum of subscription-based services including market data, software licenses and research spend. Pamlico’s commitment to support our growth will ensure that we can continue to deliver innovative solutions to our global client base”.
Pamlico Partner Walker Simmons and Vice President Jay Henry will join the TRG Screen Board of Directors and will work closely with the existing management team to continue to expand the company’s client base, product range, and industry coverage, while maintaining TRG’s reputation as the market leader in client satisfaction and customer retention.
“We are pleased to welcome TRG to the Pamlico family,” said Walker Simmons, Pamlico Partner. “Amidst a proliferation of online subscription spend, we believe management has built a formidable platform that is well positioned to accelerate growth and expand into adjacent markets. We look forward to driving additional core product innovation, while also expanding the existing offering to more broadly address spend management needs for TRG’s clients.”
As part of the transaction, outgoing investor Polaris Partners will divest their stake in the business after a successful investment cycle. “Polaris Partners have been an incredible partner whose backing has been extremely important to our success and growth over the last four years” says CEO Matthews. “While we’re sad to be leaving the Polaris family, we’re extremely excited by the opportunity to partner with Pamlico for the next phase of our journey.”
TRG Screen will maintain its headquarters in New York, NY, and international offices across Europe and Asia/Pacific, including the UK, Netherlands and Singapore.
SunTrust Robinson Humphrey acted as Exclusive Financial Advisor to Polaris Partners and TRG Screen.