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TRG Screen Announces Acquisition of Axon Financial Systems

Investment Solidifies TRG Screen’s Position as Global Market Leader in Market Data Management

Jun 20, 2019

TRG Screen, (“TRG”) the leading provider of enterprise subscription spend management solutions, today announced it has acquired Axon Financial Systems (“Axon”), the leading provider of exchange policy and compliance solutions which assist market data consumers, exchanges and vendors ensure compliance and optimize their spend and revenue. The acquisition of Axon will further solidify TRG’s position as a global market leader in enterprise spend management for financial market data.

Axon’s offerings include the award-winning PEAR database of exchange policies and compliance rules, the ADS (“Axon Declaration Service”) managed exchange declaration service allowing consumer firms to ensure their exchange policy compliance and maximize netting and MISU credits, ACT (“Application Compliance Tool”) which gives a clear view of the exchange compliance obligations for a firm’s applications, and ADP (“Axon Declaration Portal”) which provides a solution for exchanges and vendors to streamline the collection and management of market data usage declarations.

TRG plans significant future investment across Axon’s product and content set. Additionally, the deal will bring significant benefits to customers by connecting TRG’s subscription spend management capabilities seamlessly with Axon’s compliance capabilities providing a unique joined up solution to both challenges.

TRG announced that it has already commenced initial activities to integrate information from Axon’s PEAR database into TRG’s FITS and INFOmatch spend platforms. FITS and INFOmatch licensees will benefit from exchange policy notifications delivered into their spend management platforms at no additional cost. Additionally, FITS & INFOmatch user firms who subscribe to PEAR will receive cost projections based on the exchanges in their inventory and be able to action changes.

“I have known Chris, Aaron, Steve and the Axon team since they founded the business 4 years ago and have been very impressed with their focus and success in helping their clients address the ever-increasing compliance challenges” said TRG CEO Steve Matthews. “We have felt for some time that TRG Screen and Axon are natural partners given the growing demand for compliance solutions from our existing customer base of over 200 financial services customers. Combining our joint capabilities will enable us to provide the marketplace with an integrated suite of spend, usage and compliance solutions, consistent with our vision of providing a single platform meeting all of our clients enterprise subscription management needs.”

“We are very excited at the opportunities this acquisition brings” said Axon co-founder and CEO Chris Hutton. “This investment in Axon's product set will offer our combined client base access to a best of breed product suite, helping them address their market data compliance and administrative needs. We have long discussed the synergies between our two companies, and we are delighted that the combination of TRG Screen and Axon is the culmination of those discussions.“

The acquisition demonstrates the TRG’s ongoing commitment to servicing the needs of the market data consumers, vendors and exchanges. Recent other transaction highlights include the acquisition of Screen Group and their INFOmatch product, acquisition of Priory Solutions and their ResearchMonitor usage management product, partnership with Vela as the exclusive reseller of DART, and investment from Pamlico Capital.

Financial terms of the transaction were not disclosed.

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About Pamlico

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 IT, information services, tech-enabled services and software. The firm, based in Charlotte, NC, has assets under management of approximately $3.5 billion. For additional information, please visit