Suvoda and Greenphire Merge to Revolutionize Clinical Trials with Unified Platform
Deal News | Jan 13, 2025 | PR Newswire Cision Suvoda LLC; Greenphire
Suvoda and Greenphire, leading organizations in clinical trial technology, have announced a strategic merger to create a comprehensive platform aimed at optimizing clinical trial processes and enhancing patient engagement. This fusion unites two complementary leaders, combining Suvoda’s expertise in randomization, supply management, and patient consent with Greenphire’s leadership in clinical trial payments and financial management. The objective is to streamline the clinical trial experience, supporting patients, sites, and sponsors more effectively. Jagath Wanninayake, founder and CEO of Suvoda, will serve as CEO of the merged entity, expected to finalize in the second quarter of 2025 following regulatory approvals. Thoma Bravo will be the primary strategic investor, while Bain Capital Tech Opportunities will make a significant minority investment. Financial and legal advisory services are being provided by William Blair and Company, Morgan Lewis for Suvoda, and J.P. Morgan Securities and Goodwin Procter for Greenphire.
Sectors
- Clinical Trial Technology
- Healthcare IT
Geography
- United States – Both Suvoda and Greenphire are headquartered in Pennsylvania, USA, and are significant players in the U.S. healthcare technology market.
Industry
- Clinical Trial Technology – The merger focuses on enhancing technologies that facilitate clinical trial processes, including patient management and financial transactions.
- Healthcare IT – Involves the integration of IT systems such as randomization, consent management, and financial solutions in the healthcare sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Suvoda LLC | Target | Company | A global technology company specializing in clinical trial management and patient-centric solutions. |
| Greenphire | Vendor | Company | A leader in clinical trial payments and financial management solutions. |
| Jagath Wanninayake | CEO of the Merged Company | Person | Current founder and CEO of Suvoda, future CEO of the merged entity. |
| Jim Murphy | CEO of Greenphire | Person | Current CEO of Greenphire who will act as an advisor post-closure. |
| Thoma Bravo | Main Strategic Investor | Company | A prominent investment firm focusing on the software sector, leading investment in the merged company. |
| Bain Capital Tech Opportunities | Minority Investor | Company | Will make a significant minority investment in the combined entity. |
| William Blair & Company, L.L.C. | Financial Advisor for Suvoda | Company | Providing financial advisory services to Suvoda during the merger. |
| Morgan Lewis | Legal Advisor for Suvoda | Company | Providing legal advisory services to Suvoda during the merger. |
| J.P. Morgan Securities LLC | Financial Advisor for Greenphire | Company | Providing financial advisory services to Greenphire during the merger. |
| Goodwin Procter | Legal Advisor for Greenphire | Company | Providing legal advisory services to Greenphire during the merger. |