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, announced the successful completion of their previously announced merger, bringing the two companies under common ownership and management.
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Through this merger, the combined company is now better equipped to provide a comprehensive solution to its customers to support the urgent and mission critical moments of their clinical trials. Its customers will have access to an expanded set of capabilities, while continuing to benefit from its steadfast commitment to high-quality services and support. The combined solutions will be unified on a powerful platform that will simplify workflows and ease the experience of running and participating in a clinical trial. The unified data layer will deliver greater insight to empower sponsors, sites, and patients to make more informed and nuanced decisions about their trials.
The combined company will be known as Suvoda. Meaning “the dawn of wellbeing” in Sanskrit, Suvoda reinforces the promise to ease the patient, site, and sponsor experience in clinical trials and contribute to advancing health globally. The name Greenphire will continue at the product level.
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The company will be led by Chief Executive Officer Jagath Wanninayake, Suvoda’s Founder and CEO. Thoma Bravo, a leading software investment firm, is the lead strategic investor in the combined company, with Bain Capital Tech Opportunities Fund and LLR Partners making a significant minority investment.
“We are thrilled to announce the completion of our merger and the beginning of our new journey together,” said Jagath Wanninayake, CEO of the combined company. “This partnership represents a significant milestone in our mission to optimize the financial and operational aspects of clinical trials. As one firm, we are now better able to deliver for our customers by meeting their evolving needs and providing them with enhanced solutions that will drive efficiency, reduce costs, and ultimately improve patient outcomes.”
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Source – PR Newswire
