TRG Screen Buys Partner MDI to Boost Managed Data Services

New York-based data expense management software vendor TRG Screen has acquired Market Data Insights (MDI), a provider of managed services for data inventory and cost management, for an undisclosed sum, to bolster its managed services business.

MDI ran its managed services business using the InfoMatch software platform from Screen Consultants, which TRG acquired in 2018. Screen had a stake in MDI, which then transferred to TRG. And after working on joint client projects, the vendors realized it made sense to work even more closely together, officials say, and after talking about a tie-up for around six months, signed the deal on January 31.

MDI was set up in 2014 by Richard Sigillo (pictured, bottom-right), who has spent almost 35 years in market data technology roles, most recently as director of North American operations at UK-based data consultancy CJC, and as director of professional services at MDSL. He has also worked at CSK Software and Micrognosis. MDI employs 10 staff, including two consultants, all of whom will remain on board—as will the MDI brand, Sigillo says.

“We will integrate some of the administrative functions, but the rest of the business will initially operate on a standalone basis, and we will share knowledge and make sure Rich [Sigillo] has access to assets from across the TRG business,” says TRG CEO Steve Matthews. “They are distinct offerings, so we think it makes sense to keep them separate for now. But over time, I imagine we will find opportunities where it makes sense to bring them closer together. At the end of the day, it’s about what’s best and most seamless for customers.”

This will mean that over time, MDI will be able to incorporate other tools and services from TRG’s portfolio into its offering as managed services, such as the PEAR (Policies, Explanations And Reporting) database of exchange license policies from Axon Financial Systems, which TRG acquired last year, and the XMon reference data usage tracking tool from UK-based Xpansion FTS, which licensed global distribution rights to TRG last year.

“What we’re seeing from our clients is demand beyond just inventory and expense management. So, for example, with PEAR and XMon, I’m going to be able to take these products and expand the offering. Clients are pushing us, because once you sort out inventory, the next challenge is exchange reporting and datafeed management,” Sigillo says. “We understand how to deliver these services, we understand the products … and it’s not a long time horizon to take those products and wrap them in a manner that fits what clients want. It’s about having the right partner with the same vision who will invest in them and help build them out.”

TRG’s managed service—which was rolled out since Matthews joined the company as CEO five-and-a-half years ago—sees clients deploy its FITS (Financial Information Tracking System) on site, but with TRG’s remote staff running the processes of managing invoices and reconciling inventory. By comparison, MDI’s offering—based on the InfoMatch product—runs and manages these processes completely remotely.

“In the smaller to midsize market, it saves clients from having to learn the tool, so they can focus on other areas of their business,” Sigillo says. “From a staffing perspective, a lot of firms don’t have a large market data staff in place. That function may be managed by finance or procurement groups, whereas we can use a team approach for each client so we can deliver the right mix of resources that a client couldn’t achieve by just going out and hiring one person.”

The news follows the decision of Screen founders Kees Brooimans and Peter Fruitema to leave the company and set up a market data recruitment firm, but Matthews says the acquisition of MDI is unrelated to losing their expertise. “Peter and Kees will continue to be actively involved in the business as advisors. We have a strong management team in the Netherlands, and we spent a lot of time on that transition,” he says.