King of Prussia-based Greenphire, which develops and markets software for managing clinical trials, is being acquired by Thoma Bravo, a private equity investment firm, writes John George for the Philadelphia Business Journal.

The financial terms of the deal were not disclosed.

The company will continue to be led by its existing CEO, Jim Murphy, along with his current management team in King of Prussia. The company employs 255 people.

Greenphire was founded 13 years ago. The company has developed software that pharmaceutical companies use to run more efficient clinical trials during the testing of their new drug candidates.

The software is designed to streamline both payment and logistical workflows from the trial sponsors. It also contracts research organizations to study sites and patients in over 70 countries.

The company’s clients include most of the top 30 pharmaceutical companies as well as the top 10 contract research organizations and several leading investigative research sites.

“The Covid-19 pandemic has underscored the importance of clinical trial technology solutions which enable greater research site effectiveness and better participant support,” said Hudson Smith, a partner at Thoma Bravo. “Greenphire is well-positioned to expand its client base and continue to execute on its growth strategy.”

Read more about Greenphire in the Philadelphia Business Journal.