Deal builds on a year-long strategic partnership and brings specialist vendor management, sourcing and negotiation expertise to customers worldwide
New York, NY – September 4, 2026 – TRG Screen, the leading provider of market data and subscription cost management technology and expert insights for financial services and legal firms worldwide, today announced that it has acquired S4 Market Data. Founded by Bernardo Santiago and Santiago Armando, S4 is a specialist firm that helps financial institutions manage vendor relationships and complex market data procurement. The acquisition adds deep domain expertise to TRG Screen's Managed Services offering. It follows the company's July 2026 acquisition of BST America — a market data advisory and consultancy firm — reflecting TRG Screen's continued investment in the deep, hands-on expertise that helps customers get more value from their market data programs.
TRG Screen and S4 have partnered for the past year, with S4 supporting vendor negotiations, contract optimization and complex procurement alongside TRG Screen's Managed Services team. S4's team will now join TRG Screen Managed Services, working alongside Deepak Rajagopal, EVP – Customer Operations, and will continue to serve its existing customers without disruption.
Together, TRG Screen and S4 now offer customers:
- Vendor Management & Administration – strategic sourcing, contract negotiation and renewal management to help firms optimize vendor spend
- Market Data Administration – end-to-end administration of subscriptions, users and contracts, including inventory tracking, invoice reconciliation and expense allocation
- Datafeeds & Exchange Reporting – exchange reporting, audit support and compliance monitoring
“Market data negotiations are about far more than price. The right commercial teams can help firms manage costs, meet their usage requirements and retain flexibility as their needs change,” said Leigh Walters, CEO, TRG Screen. “Working with S4 over the past year has shown us the value of combining that expertise with our technology and managed services. Bringing the team fully into TRG Screen means we can extend that expertise across our wider customer base.”
“Partnering with TRG Screen showed us how much more we could deliver for clients together than apart,” said Bernardo Santiago, CEO and Co-Founder, S4 Market Data. “Joining TRG Screen gives our clients access to broader capabilities and the backing of a larger organization, without changing the team or the service they rely on.”
The acquisition further builds out TRG Screen's position as the definitive intelligence partner for market data teams worldwide – spanning technology, managed services and expert advisory.
Media Contact
Melanie Budden
The Realization Group on behalf of TRG Screen
Email: Melanie.Budden@therealizationgroup.com
Phone: +44 (0)20 3811 8344
Emily Worth
Senior Global Marketing Manager, TRG Screen
Email: emily.worth@trgscreen.com
Phone: +1 317-459-7007
About TRG Screen
TRG Screen is the leading provider of market data and subscription cost management technology and expert insights for financial services and legal firms worldwide. Their integrated solutions grant businesses complete visibility and control over market data, reference data, and online research usage and costs at scale — spanning subscription spend management, usage insights, vendor IP compliance reporting, comprehensive managed services, and advisory services.
For over 25 years, TRG Screen has empowered hundreds of firms with innovation that strategically optimizes high-value expenses like market data, research, and software licenses. The company helps customers automate complex processes, negotiate more effectively with vendors, enhance governance and cost control, and maximize ROI. Headquartered in New York City, with additional offices in Europe, Asia, and a global support hub in Bangalore.
About S4 Market Data
S4 Market Data is a specialist provider of outsourced market data management solutions, helping financial institutions optimize vendor spend, negotiate favorable terms, and manage complex procurement processes. Founded in 2017 and headquartered in Miami, Florida, S4 brings more than 20 years of collective experience serving investment banks, asset managers and hedge funds, across vendor management and administration, market data administration, and datafeeds and exchange reporting. For more information, visit www.s4marketdata.com
TRG Screen and S4 have partnered for the past year, with S4 supporting vendor negotiations, contract optimization and complex procurement alongside TRG Screen's Managed Services team. S4's team will now join TRG Screen Managed Services, working alongside Deepak Rajagopal, EVP – Customer Operations, and will continue to serve its existing customers without disruption.
Together, TRG Screen and S4 now offer customers:
- Vendor Management & Administration – strategic sourcing, contract negotiation and renewal management to help firms optimize vendor spend
- Market Data Administration – end-to-end administration of subscriptions, users and contracts, including inventory tracking, invoice reconciliation and expense allocation
- Datafeeds & Exchange Reporting – exchange reporting, audit support and compliance monitoring
“Market data negotiations are about far more than price. The right commercial teams can help firms manage costs, meet their usage requirements and retain flexibility as their needs change,” said Leigh Walters, CEO, TRG Screen. “Working with S4 over the past year has shown us the value of combining that expertise with our technology and managed services. Bringing the team fully into TRG Screen means we can extend that expertise across our wider customer base.”
“Partnering with TRG Screen showed us how much more we could deliver for clients together than apart,” said Bernardo Santiago, CEO and Co-Founder, S4 Market Data. “Joining TRG Screen gives our clients access to broader capabilities and the backing of a larger organization, without changing the team or the service they rely on.”
The acquisition further builds out TRG Screen's position as the definitive intelligence partner for market data teams worldwide – spanning technology, managed services and expert advisory.
Media Contact
Melanie Budden
The Realization Group on behalf of TRG Screen
Email: Melanie.Budden@therealizationgroup.com
Phone: +44 (0)20 3811 8344
Emily Worth
Senior Global Marketing Manager, TRG Screen
Email: emily.worth@trgscreen.com
Phone: +1 317-459-7007
About TRG Screen
TRG Screen is the leading provider of market data and subscription cost management technology and expert insights for financial services and legal firms worldwide. Their integrated solutions grant businesses complete visibility and control over market data, reference data, and online research usage and costs at scale — spanning subscription spend management, usage insights, vendor IP compliance reporting, comprehensive managed services, and advisory services.
For over 25 years, TRG Screen has empowered hundreds of firms with innovation that strategically optimizes high-value expenses like market data, research, and software licenses. The company helps customers automate complex processes, negotiate more effectively with vendors, enhance governance and cost control, and maximize ROI. Headquartered in New York City, with additional offices in Europe, Asia, and a global support hub in Bangalore.
About S4 Market Data
S4 Market Data is a specialist provider of outsourced market data management solutions, helping financial institutions optimize vendor spend, negotiate favorable terms, and manage complex procurement processes. Founded in 2017 and headquartered in Miami, Florida, S4 brings more than 20 years of collective experience serving investment banks, asset managers and hedge funds, across vendor management and administration, market data administration, and datafeeds and exchange reporting. For more information, visit www.s4marketdata.com
Leigh Walters, CEO, TRG Screen
Bernardo Santiago, CEO and Co-Founder, S4 Market Data