Suvoda and Greenphire to Merge Creating a Technology Platform Optimizing Clinical Trial Processes and Streamlining the Patient Journey

CONSHOHOCKEN, Pa. and KING OF PRUSSIA, Pa., Jan. 13, 2025 /PRNewswire/ -- Suvoda, a global clinical trial technology company specializing in randomization and trial supply management, consent, and patient outcomes data collection solutions for complex, life-sustaining studies, and Greenphire, a leader in clinical trial payments, financial management and patient support tools, have agreed to merge. The merger will unite two complementary clinical trial technology leaders with a shared passion and proven history of creating a more seamless clinical trial experience for patients, sites, and sponsors.

Bringing together Suvoda's and Greenphire's trusted, market-leading offerings will create a powerful end-to-end platform to support the patient journey in clinical trials and help bring medicines to those who need them most. Further, the comprehensive product portfolio will deliver patient-centric solutions, including randomization and trial supply management, eConsent, eCOA, patient and grant payments, study budgeting, and travel and logistics all within a unified digital experience. The merger will enhance patient access and engagement in clinical trials, simplify site access to essential technologies, and position pharma and contract research organization (CRO) partners to more easily achieve their clinical trial objectives.

Jagath Wanninayake, Suvoda's founder and CEO, will serve as Chief Executive Officer for the combined company following closing which is expected in Q2 2025 following the receipt of required regulatory approvals. Greenphire CEO Jim Murphy will continue to lead Greenphire through closing and will serve as an advisor to the company throughout 2025 ensuring a smooth transition. The leadership team will consist of individuals from both companies. Thoma Bravo, a leading software investment firm, will be the lead strategic investor in the combined company, and Bain Capital Tech Opportunities will make a significant minority investment into the combined company upon the closing of the transaction.

William Blair & Company, L.L.C. is serving as financial advisor and Morgan Lewis is serving as legal advisor for Suvoda. J.P. Morgan Securities LLC is serving as financial advisor and Goodwin Procter is serving as legal advisor to Greenphire. 

Supporting Quotes:
"Suvoda and Greenphire are both mission-driven businesses, focused on easing sponsor, site, and patient burden in clinical trials. Combined, we'll continue to deliver with the same excellence and service our customers expect, while accelerating the pace of product innovation in the most urgent moments of the most urgent trials. I am excited for Suvoda and Greenphire to join forces – we each serve a great portion of the patient journey and have a shared mission to transform patients' and sites' experiences within clinical trials. Now, we'll do it together." – Jagath Wanninayake, Chief Executive Officer, Suvoda

"The transaction marks the beginning of an incredible new journey for Greenphire, our customers, partners and employees. The merger will enable us to even better serve all clinical trial stakeholders as we work with our new colleagues to redefine the site and patient experience.  By putting these two industry leaders together, our organization will be able to offer you the unprecedented ability to partner with one singular solution provider – from eConsent, randomization, and eCOA to budgets, payments, travel, and mobile access." – Jim Murphy, CEO, Greenphire

"The combination of Suvoda and Greenphire, two leaders in clinical trial technology, will create a new company with significant scale, a unique set of complementary product offerings, and a highly skilled management team with an impressive track record of success and history of high growth. We look forward to supporting the go-forward company's next phase of growth." – Hudson Smith, Partner, Thoma Bravo

"Clinical trials are increasingly complex and pharmaceutical companies are turning to trusted technology partners like Suvoda and Greenphire to serve mission-critical roles throughout the trial. We are thrilled that these two complementary industry leaders are coming together to simplify the clinical trial workflow and provide a more seamless user experience for patients, sites, and sponsors." – Peter Hernandez, Senior Vice President, Thoma Bravo

"We are excited to back the combination of Suvoda and Greenphire. Both businesses stand out in terms of best-in-class customer feedback, which stems from their modern, easy to use products and relentless focus on customer and patient outcomes. Together, the combined business will be able to invest in the most innovative platform for clinical trial operations, resulting in continued success for all participants in the clinical trial ecosystem." – Michael Grandfield, Managing Director, Bain Capital Tech Opportunities

About Suvoda
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company's Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and CROs to support more than 1,500 trials across 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn.  

About Greenphire 
Greenphire is the pioneer in financial management and patient support for global clinical trials. From participant reimbursements, travel, and engagement to study budgeting and data, site payments, and more, the company connects the dots across disparate processes and stakeholders to get studies done faster. Founded in 2008 and guided by a dedication to site and participant experience, Greenphire's best in class solutions accommodate regional workflow preferences, navigate challenging regulatory demands, and address the unique needs of every patient. Greenphire currently supports more than one million active trial participants and more than 25,000 investigative research teams at sites in 80 countries worldwide.  Greenphire Means GO. To learn more, we invite you to visit greenphire.com and follow us on LinkedIn. 

SOURCE Suvoda LLC; Greenphire