Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, has reached an agreement to acquire Greenphire, a provider of financial lifecycle management software for clinical trials, from The Riverside Co.

“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.