Data and Analytics

TRG Screen Acquires S4 Market Data to Expand Managed Services Offering

By FMinsights||Est. Reading Time: 2 minutes|
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.