Deal Announcement: Xpansion Financial Technology Services Acquired by TRG Screen

Symmetry Corporate Finance have advised on the sale of Xpansion Financial Technology Services to TRG Screen, a Vista Equity Partners business.

TRG Screen, a provider of enterprise subscription spend and usage management software, has increased its commitment to reference data management with the acquisition of Xpansion, a TRG Screen partner and vendor of cloud-based solutions for reference data usage monitoring in the financial services industry.

The shareholders of XPansion were advised by Symmetry Corporate Finance.

The acquisition follows investment by Vista Equity Partners in TRG Screen in October 2023 to accelerate product innovation, talent acquisition, and go-to-market functions.

Xpansion, which was established in 2013, allows data operations teams to proactively manage their data usage, control costs and optimise data workflows. Its offerings include Xmon, Xprocess and Xplore, which provide real-time analytics and give giving clients transparency, visibility and control into their reference data usage.

TRG Screen’s partnership with Xpansion goes back to July 2019, when it agreed global distribution rights to Xpansion’s Xmon reference data usage management software.

“Bringing Xpansion into the TRG Screen family is a very logical next step for both companies, given our strong relationship and shared view that industry demand for integrated usage management solutions is going to continue to grow,” says TRG Screen CEO Leigh Walters. “Xpansion is an established firm with excellent customer satisfaction and retention, and highly experienced and industry respected leadership.”

From Xpansion’s perspective, co-founder and CEO Amjad Zoghbi, says: “Reference data usage is one of the most complex aspects of market data management, and managing it correctly is essential to maintaining contractual compliance and ensuring clients are right sizing their usage based on actual consumption and business need.”

TRG Screen is no stranger to acquisition, having built the company on both organic and acquired growth since its foundation in 1998. The company 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 business in 2021, building a broad product portfolio including subscription spend, data usage monitoring, enquiry and compliance solutions.

Jonathan Tate, Managing Director of Symmetry Corporate Finance comments: “We are delighted for Amjad & Christophe and all the XPansion team. XPansion is the clear leader in capital market data subscription management and becoming part of TRG Screen will mean a further acceleration of the company’s growth.”

Amjad also says: “We are grateful to Jonathan and the Symmetry team for all their work during what was a complex and demanding process, thanks to which we can be absolutely sure that TRG Screen is the best possible home for the XPansion team to meet our objectives.”