Suvoda, a global clinical trial technology company, and Greenphire, a leader in clinical trial payments and financial management, have successfully completed their previously announced merger, creating a comprehensive platform designed to address the operational and financial challenges of modern clinical trials. The combined entity will operate under the Suvoda name, meaning "the dawn of wellbeing" in Sanskrit, while maintaining the Greenphire brand at the product level.
Enhanced Capabilities Through Integration
The merger brings together Suvoda's expertise in randomization, trial supply management, consent processes, and patient outcomes data collection with Greenphire's established leadership in clinical trial payments, financial management, and patient support tools. This integration creates what the companies describe as a unified platform that will simplify workflows and improve the experience for all clinical trial stakeholders.
According to the announcement, the combined solutions will be built on a powerful platform featuring a unified data layer designed to deliver greater insights. This integration aims to empower sponsors, sites, and patients to make more informed decisions throughout the trial process.
Leadership and Investment Structure
Jagath Wanninayake, Suvoda's founder and CEO, will lead the combined company. "This partnership represents a significant milestone in our mission to optimize the financial and operational aspects of clinical trials," Wanninayake stated. "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."
The merger is backed by significant investment from Thoma Bravo, a leading software investment firm serving as the lead strategic investor. Bain Capital Tech Opportunities Fund and LLR Partners have made substantial minority investments in the combined entity.
Market Position and Global Reach
The merged company brings together substantial market presence and operational scale. Suvoda specializes in complex, life-sustaining studies across therapeutic areas including oncology, central nervous system disorders, and rare diseases. Founded in 2013, the company has been selected by trial sponsors and contract research organizations to support more than 1,800 trials across 95 countries.
Greenphire's contribution includes its established network supporting more than one million active trial participants and over 25,000 investigative research teams at sites in 80 countries worldwide. The company, founded in 2008, has built its reputation on addressing the unique financial and logistical needs of clinical trial participants and sites.
Technology and Service Integration
The combined platform is designed to address what the companies identify as urgent and mission-critical moments in clinical trials. Suvoda's Net Promoter Score consistently exceeds the technology industry average, reflecting strong customer satisfaction that the merged entity aims to maintain while expanding service capabilities.
The integration encompasses participant reimbursements, travel arrangements, patient engagement tools, study budgeting, site payments, and comprehensive data management. The unified approach is intended to connect disparate processes and stakeholders to accelerate study completion timelines.
Global Operations
The combined company maintains a significant international presence with headquarters outside Philadelphia and additional offices in Portland, Oregon; Barcelona, Spain; Bucharest and Iasi, Romania; and Tokyo, Japan. This global footprint supports the company's ability to navigate regional workflow preferences and challenging regulatory demands across different markets.
