Greenphire to be acquired by Thoma Bravo

Investment expected to accelerate innovation, growth

UPPER MERION >> Greenphire, a Montgomery County-based clinical trial financial automation firm, will be acquired by Thoma Bravo, a software-focused private equity firm.

Thoma Bravo, which has more than $78 billion in assets under management, will acquire the company from The Riverside Company. The transaction is expected to close in the second quarter of this year, and is subject to customary regulatory approvals. Financial details were not disclosed.

Once completed, Jim Murphy, CEO of Greenphire, will continue to lead the company along with the existing management team in the company’s Upper Merion headquarters, it was announced Wednesday.

Founded in 2008, Greenphire enables pharmaceutical industry leaders worldwide to run more efficient and successful clinical trials. The company’s end-toend solutions optimize clinical trial performance by streamlining payment and logistical workflows from sponsors and contract research organizations to sites and patients in more than 70 countries, according to a press release announcing the acquisition.

“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,” Murphy said in the release. “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.”

Greenphire works with a broad variety of partners including the majority of the top 30 pharmaceutical companies and top 10 contract research organizations, as well as leading investigative research sites. Using the company’s flexible SaaS solution suite, sponsors, contract research organizations and research sites are able to support trials of any design and complexity while accommodating regional workflow preferences and nuanced regulatory requirements.

“The COVID-19 pandemic has underscored the importance of clinical trial technology solutions which enable greater research site effectiveness and better participant support,” Hudson Smith, a partner at Thoma Bravo, said in the release. “Greenphire is well-positioned to expand its client base and continue to execute on its growth strategy.”

Riverside Managing Partner Loren Schlachet said the company’s seven year partnership with Greenphire has been “fruitful,” broadening the company’s product set, enhancing sales and marketing organizations and expanding its international footprint.

“Through our partnership with Riverside, we have been able to expand the organization and focus on strategic innovation, setting us up for success in our next chapter of growth,” Murphy said.

“We are very proud of the organic growth accomplished during our ownership period, including an 8x increase in revenue and 4x increase in employee count,” Riverside Senior Partner Joe Manning, said in the release, adding that Greenphire is “wellpositioned for continued success.”

For more information about Greenphire visit greenphire.com.

For more information about Thoma Bravo visit thomabravo.com.