Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Tried and True: Riverside Signs Definitive Agreement to Sell Greenphire

Firm Plans to Sell the Global Clinical Trial Financial Automation Leader

The Riverside Company, a global private investor focused on the smaller end of the middle market, has signed a definitive agreement to sell Greenphire, the global leader in financial lifecycle management software for clinical trials, to Thoma Bravo, a software focused private equity firm. The pending transaction is expected to close in the second quarter of this year, subject to the satisfaction of regulatory approval and customary closing conditions. Financial details were not disclosed.

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 financial management, payment and logistical workflows from sponsors and contract research organizations (CROs) to sites and patients in more than 70 countries.

“Our partnership with Greenphire has been incredibly fruitful,” said Riverside Managing Partner Loren Schlachet. “During our seven-year partnership, we broadened the company’s product set, enhanced the sales and marketing organizations and expanded its international footprint.”

Riverside also supported Greenphire’s heavy investment in new product development and successfully launched EnvisiX, Greenphire’s new clinical trial budget negotiation and management tool.

“Through our partnership with Riverside, we have been able to expand the organization and focus on strategic innovation, setting us up for success in our next chapter of growth,” 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 the strategic growth investment of Thoma Bravo.”

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.

This is one more example of Riverside’s dedication to its Software & IT Specialization. Riverside has invested in more than 180 platform and add-ons in this industry and possesses a team of industry experts who understand how to grow these companies around the globe.

“We are very proud of the organic growth accomplished during our ownership period, including an 8x increase in revenue and 4x increase in employee count,” said Riverside Senior Partner Joe Manning. “We’re thrilled with the team and product set that has been built and are confident that Greenphire is well-positioned for continued success.”

Working with Schlachet and Manning on the deal for Riverside were Operating Partner & Senior Advisor Keith Kerman, Senior Associate Sara Mostatabi and Finance Director Gary Schlegel. Founding Partner, Origination, Robert Landis and Principal, Origination, Grant Marcks sourced the initial Greenphire investment opportunity for Riverside. Jefferies and AGC Partners served as financial advisors on the deal.

About The Riverside Company

The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 750 investments. The firm's international private equity and structured capital portfolios include more than 120 companies.

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 greenphire.com.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.