(Bloomberg) -- Vista Equity Partners has acquired a majority stake in TRG Screen, an enterprise software provider for managing corporate spending on subscriptions, according to people familiar with the matter.

The Austin-based private equity firm has committed about $250 million in growth capital in conjunction with an additional institutional investor, the people said, asking not to be identified because the discussions are private. Pamlico Capital, which first backed TRG in 2018, will divest its stake in the company, they added.

Steve Matthews, who led the company for the past nine years as chief executive officer, will be succeeded in that role by Leigh Walters and will become executive chairman, according to a statement reviewed by Bloomberg News. Walters has previously served as both president and chief operating officer.

Matthews, who is rolling over equity into the business, said he is elated about the shift because “it feels like a really natural progression in my career and, most importantly, I stay close to the business.” As for the new role, he said, “I’m really excited for it.”

Representatives for both TRG and Vista Equity confirmed the contents of the statement but declined to comment further on financial matters.

Headquartered in New York, TRG Screen develops tech-enabled software used to track and manage business-wide subscription expenditures. The company has additional offices in the United Kingdom, France, Germany, Switzerland, the Netherlands and Singapore, according to its website.

“The proliferation of subscription-based services has made controlling costs, monitoring usage, and managing access a top priority for leading financial services organizations, law firms, and global enterprises,” said Vista Equity Senior Managing Director Martin Taylor.

TRG has completed four add-on deals since 2018, including the 2021 purchase of Jordan & Jordan’s market data reporting unit, according to data compiled by Bloomberg. Matthews believes roll-ups will continue to be part of the TRG playbook.

“It’s highly likely it’ll be a part of the story,” he said. “We don’t need to do them but certainly it’s great to have the capital with Vista, who I know will be supportive, if we find those right opportunities.”

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