Private equity (PE) firm Thoma Bravo will take over global clinical trial financial software firm Greenphire from The Riverside Company.
Financials of the deal have not been disclosed, but Thoma Bravo, a PE firm centered on software and technology services, expects to add Greenphire to its portfolio by the end of the second quarter.
King of Prussia, Philadelphia-based Greenphire offers sponsors and contract research organizations (CROs) financial lifecycle management software for clinical trials. Its SaaS suite is able to support trials of any design and complexity while accommodating regional workflow preferences and nuanced regulatory requirements.
“Our acquisition by Thoma Bravo is further validation of our strategy and the unique value we provide our clients, particularly as pharmaceutical companies and CROs accelerate trends towards participant centricity in their clinical trials,” said Jim Murphy, CEO of Greenphire.
“We have continued to set the standard for financial workflow automation and patient convenience in clinical trials on a global scale and look forward to building on our growth and success during this new chapter with Thoma Bravo.”
Hudson Smith, a Partner at Thoma Bravo, added the importance of clinical trial technology solutions has been highlighted by the COVID-19 pandemic, as industry has been forced to adopt greater research site effectiveness and give better participant support.
“Greenphire is well-positioned to expand its client base and continue to execute on its growth strategy.”
The PE firm, through its investment and history in the healthcare IT space, hopes to drive faster innovation, broaden the company’s products and solutions and further expand Greenphire’s global client base.