Private equity firm Thoma Bravo has agreed to acquire Greenphire, which provides software for managing the financial lifecycle of clinical trials, from The Riverside Company.

Financial details of the acquisition were not disclosed.

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Greenphire was founded in 2008 to support global pharmaceutical companies to conduct clinical trials. It offers solutions for the automation of the trial financial process.

These solutions are designed to improve trial performance by optimising payment and logistical workflows from sponsors and contract research organisations (CROs) to sites and patients in about 70 countries.

Sponsors, CROs and research sites can leverage the company’s SaaS solution suite for trials of all designs and complexities. Greenphire also provides solutions to simplify travel for sites and patients.

In January last year, Greenphire expanded its global travel solution, ConneX, to include additional in-market support and travel visa fulfilment services.

Greenphire CEO Jim Murphy said: “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.

“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 investment from Thoma Bravo is expected to support Greenphire’s growth and expansion.

Thoma Bravo partner Hudson Smith said: “The Covid-19 pandemic has underscored the importance of clinical trial technology solutions which enable greater research site effectiveness and better participant support.

“Greenphire is well-positioned to expand its client base and continue to execute on its growth strategy.”

Subject to customary regulatory approvals, the transaction is set to complete in the coming months.

After closing, Greenphire CEO Jim Murphy will continue to run the company along with the current management team in King of Prussia, Pennsylvania, US.