Private equity firm Thoma Bravo will acquire King of Prussia-based Greenphire via a strategic investment, the companies announced Wednesday.
Thoma Bravo is purchasing the clinical trial payment company from The Riverside Company in a deal that is expected to close by the end of this fiscal quarter. Financial details of the deal were not disclosed. Thoma Bravo had more than $78 billion in assets under management as of March of this year, and it recently acquired Center City-based Talend.
Greenphire, which has 255 employees, won’t see any immediate changes to its staff, a company spokesperson told Technical.ly. CEO Jim Murphy and the rest of the company’s management team will continue to lead the firm.
“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,” Murphy said in a statement. “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.”
Hudson Smith, a partner at the private equity firm, said the pandemic emphasized the importance of clinical trial tech solutions, and that Greenphire is “well-positioned to expand its client base and continue to execute on its growth strategy.”
And Thoma Bravo Principal AJ Jangalapalli said the move will drive faster innovation for the company and expand its global client base.
“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,” he said.
Late last summer, we heard from Greenphire SVP of Operations Erica Cohen on how the company was handling the pandemic and refining their culture. She said the best way to do so is by “having something as your backbone.”
That definition allows you to bring in new employees with an understanding of what the company is about, she said, and have a motto to point to when anyone needs guidance. Greenphire’s own motto of “all in as a team for a purpose, solving problems” has been a north star at multiple times throughout the company’s decision making during the pandemic.