Suvoda and Greenphire Merge to Form Unified Clinical Trial Tech Leader
Deal News | Apr 24, 2025 | LLR Partners Inc
Suvoda, a global leader in clinical trial technology, and Greenphire, known for their expertise in clinical trial payments and financial management, have announced the completion of their merger. This merger brings both companies under a unified management structure, enhancing their clients' ability to conduct complex clinical trials. The alliance promises expanded capabilities and aims to provide an integrated platform that will simplify clinical trial processes and improve decision-making for clients. The merger results in Suvoda becoming the new combined entity, guided by existing CEO Jagath Wanninayake, with significant investment from Thoma Bravo, Bain Capital Tech Opportunities Fund, and LLR Partners. Suvoda is headquartered outside Philadelphia and has a broad international presence, while Greenphire, known for its patient-centric financial management solutions, will continue to operate at the product level.
Sectors
- Healthcare & Clinical Trials
- Software & IT Services
- Private Equity & Venture Capital
Geography
- United States – Suvoda is headquartered outside Philadelphia and Greenphire operates out of the U.S., making this the primary geography of focus.
- Global – Both companies have a strong international presence, conducting trials in numerous countries worldwide, making this a global concern.
Industry
- Healthcare & Clinical Trials – This industry involves companies specializing in providing technologies and support for conducting clinical trials, which are essential for the development and approval of new medicines and medical procedures.
- Software & IT Services – This sector includes companies involved in the development of software solutions designed to streamline processes, in this case, particularly for managing clinical trials.
- Private Equity & Venture Capital – The investment aspects of the merger involve several key players in the private equity and venture capital sectors.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Suvoda | Target Company | Company | A global clinical trial technology company specializing in solutions for complex studies. |
| Greenphire | Target Company | Company | A company focused on financial management and patient support in clinical trials. |
| Thoma Bravo | Lead Strategic Investor | PE Firm | A leading software investment firm and the main strategic investor in the merger. |
| Bain Capital Tech Opportunities Fund | Minority Investor | PE Firm | Part of Bain Capital, focusing on substantial minority equity investments. |
| LLR Partners Inc. | Minority Investor | PE Firm | A private equity firm that invests in technology and service businesses. |
| Jagath Wanninayake | CEO | Person | CEO of the newly formed Suvoda, originally the founder and CEO of Suvoda. |