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Thoma Bravo buys Greenphire from Riverside

Jim Murphy, CEO of Greenphire, will continue to lead the clinical trial payments company along with the existing management team.

Thoma Bravo has agreed to acquire Greenphire, which provides financial lifecycle management software and for clinical trials. The seller is The Riverside Company. Jefferies LLC and AGC Partners advised Greenphire, while William Blair advised Thoma.


KING OF PRUSSIA, Pa.May 26, 2021 /PRNewswire/ — Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sector, today announced that it has reached an agreement to acquire Greenphire, the global leader in financial lifecycle management software for clinical trials, from The Riverside Company. The deal, which is subject to customary regulatory approvals, is expected to close in the second quarter of this year. Jim Murphy, CEO of Greenphire, will continue to lead the company along with the existing management team in King of Prussia, PA. Financial details were not disclosed for the pending transaction.

Founded in 2008, Greenphire enables pharmaceutical industry leaders worldwide to run more efficient and successful clinical trials. The company’s end-to-end solutions optimize clinical trial performance by streamlining payment and logistical workflows from sponsors and contract research organizations (CROs) to sites and patients in more than 70 countries. Greenphire has earned the position of trusted partner for a broad array of clients including the majority of the top 30 pharmaceutical companies and top 10 CROs as well as leading investigative research sites. Using the company’s flexible SaaS solution suite, sponsors, CROs and research sites are 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.”

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

“Through our investment and expertise in healthcare IT, we will help drive faster innovation, broaden the company’s products and solutions and further expand the company’s global client base,” said AJ Jangalapalli, a Principal at Thoma Bravo. “We look forward to working with this market-leading franchise, Jim and the company’s high-quality management team to build on Greenphire’s already remarkable success.”

Jefferies LLC and AGC Partners are serving as financial advisor to Greenphire and Jones Day is serving as legal counsel. William Blair is serving as financial advisor to Thoma Bravo and Kirkland & Ellis, LLP is serving as legal counsel.

About Greenphire

Greenphire is the leader in global clinical trial financial process automation. Greenphire’s best-in-class solutions optimize clinical trial performance by streamlining payment and logistical workflows from sponsors and CROs to sites and patients. Greenphire’s EnvisiX, eClinicalGPS, ClinCard and ConneX solutions easily handle any type of trial design and complexity, resulting in more accurate and compliant payments and simplified travel globally for both sites and patients. The choice of industry leaders worldwide, Greenphire provides better performance and better data, resulting in better trials. Learn more at

About Thoma Bravo

Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in assets under management as of March 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 300 companies representing over $85 billion in enterprise value. The firm has offices in ChicagoMiami and San Francisco. For more information, visit