NEW YORK & LONDON--(BUSINESS WIRE)--TRG, the leading provider of subscription spend management software solutions, today announced it has agreed exclusive global distribution rights for DART Terminal Usage Analytics with Vela, the leading trading and market access technology provider.
Under the agreement, TRG will provide sales and relationship management for new customers, while Vela will provide after-sales support and development and continue to manage all existing client relationships.
DART Terminal Usage Analytics enables users to track usage across the complete organization and has proven results in the management and optimization of market data spend. Key functionality includes user and desk profiling, peer-to-peer benchmarking, and usage heat maps.
The addition of DART Terminal Usage Analytics to TRG’s product line up is consistent with its strategy to bring together market-leading subscription expense management and usage tracking capabilities to enable their clients to optimize their vendor spend. DART’s terminal usage tracking capabilities are complementary to TRG’s ResearchMonitor product which provides a comprehensive usage monitoring solution for web-delivered market data and information service resources.
“Alongside our FITS, INFOmatch and ResearchMonitor products, this further reinforces TRG’s strategy of offering usage tracking of key subscription spend categories. This enables our 300 global clients in the financial services, legal, and professional services industries to gain full transparency of their spend and usage to allow them to optimize their spend on high-value data services,” said Leigh Walters, Chief Revenue Officer at TRG. He added, “With a product line up of comprehensive spend management and usage tracking tools, we are now the clear market leader and the only vendor in the marketplace offering one-stop shop for integrated expense management and usage monitoring for market data and information services.”
TRG and Vela will work together to further develop the strategic direction of the product and to provide integration with TRG’s enterprise spend management platforms, FITS and INFOmatch (the latter which was obtained as part of TRG’s acquisition of Screen Group in January 2018).
Ollie Cadman, Vela’s Head of Business Operations, said, “We are excited to announce this partnership with TRG. The market responded very positively to the acquisitions we completed in 2017 that enhanced our market data and execution software with complementary market access, trading, and risk capabilities. With this continued focus, we believe that DART Terminal Usage Analytics has increased potential when delivered as part of a wider spend management solution.” He continued, “Having built strong ties and a solid relationship with TRG over many years, our partnership with them was an obvious choice to help us achieve these goals and continue to expand the DART user base.”
Note: This agreement does not cover DART Entitlements which will continue to be developed and supported solely by Vela.
TRG provides spend management solutions enabling enterprises to gain total cost transparency and control of their entire universe of corporate subscriptions and vendor relationships. Founded by senior IT executives from global investment banks in 1998, TRG provides software and services which help companies streamline their expense management, reduce costs, and make informed decisions about spend on subscription-based services including market data, software, research, information services, consulting, and more. TRG’s clients manage billions of dollars in recurring costs using TRG’s advanced expense management and usage tracking platforms. Vendor contracts, procurement, invoicing, and expense allocations can be expertly managed, providing detailed reporting down to the employee-level, enterprise-wide cost transparency, and accurate control of all commercial and financial relationships with vendors. TRG’s usage tracking capabilities allow detailed tracking and analysis of service usage patterns allowing clients to optimize their vendor spend. TRG’s unrelenting commitment to exceeding clients’ expectations, coupled with deep business and technology expertise, has earned it a reputation for delivery that is the envy of the industry. With client retention rates over 95% and numerous competitor product displacement success stories, TRG provides the industry’s highest quality, most trusted solution with the highest level of service to match.
Vela is the premier market access technology provider, delivering low-latency access to over 200 venues, coupled with a unique set of trading tools, data, and analytics, flexibly delivered with exceptional global support. Vela acquired OptionsCity Software and Object Trading in 2017. Now as one organization, Vela provides a comprehensive, end-to-end solution for multi-asset electronic trading with global market coverage.
Vela has eight offices in the US, Europe, and Asia supporting traders, market makers, financial institutions and other market participants worldwide.
Visit us at TradeVela.com. Follow us on Twitter @TradeVela.