The Roberts Group, a portfolio company of Polaris Partners, has acquired Priory Solutions. No financial terms were disclosed. UK-based Priory Solutions is a provider of software solutions for the professional services market.
October 21 2016 – New York and London –The Roberts Group (“TRG”), the leading provider of subscription spend management software, today announced it has acquired Priory Solutions (“Priory”). Priory provides software that helps enterprises manage access, streamline workflow, and track usage of their online research, data and information services.
The combined platform will provide global clients with market leading capabilities to manage the full lifecycle of their data and research subscription needs – contracting, provisioning, usage monitoring, request tracking, billing and renewal analytics.
Steve Matthews, CEO of TRG, said “This partnership is a growth story for all of our stakeholders. Our two companies not only offer complimentary solutions, but we both pride ourselves on delivering unparalleled levels of client service. The subscription economy continues to demonstrate explosive growth and increasing complexity, making it difficult to effectively manage within the enterprise. Combining our products will give our clients single view transparency and a differentiated and holistic solution to this ever-growing challenge.”
The combined company will be known as TRG and will be headquartered in New York with offices in Minneapolis and Washington, D.C. (U.S.), London (UK), Auckland (New Zealand) and San Jose (Costa Rica). The acquisition, coupled with the upcoming major release of FITS 4, demonstrates the Company’s ongoing commitment and unrelenting focus on product innovation since Boston-based Polaris Partners invested in the company in 2014.
Peter Borchers, Managing Director of Priory Solutions, who joins TRG’s executive team, commented: “We are excited about joining the TRG family and collaborating on the next chapter of Priory’s growth. I have been consistently impressed by the similar cultural values and deep commitment to service and innovation that the companies share. The combined scale of the business will afford tremendous opportunities for us to continue that mission on behalf of our customers and employees”.
About The Roberts Group
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 platform FITS. With FITS, 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 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, FITS provides the industry’s highest quality, most trusted solution with the highest level of service to match.
About Priory Solutions
Since its establishment in 2003, Priory Solutions has become a respected provider of software solutions to the professional services market. Working with some of the most prestigious global legal and financial firms has enabled us to create a suite of products to address the specific challenges faced by corporate Information Services and Library departments. Our solutions are specifically designed to assist Information Professionals manage their operations better. Our goal is to create a great place to work and produce interesting high quality products that add value to our clients.