Greenphire snapped up by private equity firm Thoma Bravo

Clinical trial financial process automation company Greenphire has been bought out from The Riverside Company by investment firm Thoma Bravo.

In what continues a trend in the trial services sector, Greenphire has caught the attention of a major investment company that is looking to get in on the industry and, it hopes, generate strong growth.

Greenphire works with pharmas and CROs, allowing them to use its financial lifecycle management software for clinical trials. The deal is expected to close in the second quarter of this year; Jim Murphy, its CEO, “will continue to lead the company along with the existing management team” in King of Prussia, Pennsylvania, the company said in a statement.

Financial details were not disclosed.

“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 Murphy.

“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.”

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