King of Prussia-based Greenphire recieves growth investment from Riverside Company, but its not an acquistion
Tom Paine
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Greenphire, the King of Prussia-based SaaS clinical trial payments platform company, which I profiled in 2013, received an undisclosed growth investment from the Riverside Company, Cleveland-based Riverside announced today.
Terms of the transaction were not disclosed. Jones Day and Deloitte advised Riverside on the transaction and Ares Capital provided debt financing. Pepper Hamilton advised Greenphire.
Greenphire, founded in 2008, made the Inc. 5000 in 2013 with 2012 revenue of $5.4 million, and again in 2014 with 2013 revenue of $6.8 million, up from $803,000 in 2010.
“Software and Healthcare are two of Riverside’s most active specializations,” said Riverside Principal Joe Manning in a statement. “This investment exemplifies Riverside’s strategy of partnering with best-in-class companies with strong management teams.”
“Greenphire has experienced exponential growth each year since its inception. The management team has worked hard to grow while scaling its operations to ensure continued quality. After an extensive search for an investment partner, Greenphire was excited to select The Riverside Company as its partner to ensure continued success into the future,” said Greenphire CEO Samuel Whitaker in the same release.
Fortune's Term Sheet described the tranaction as an acquisition. Although not knowing the exact nature of the deal, Philly Tech News has learned that the transaction was an investment only, and not a full buyout. I couldn't confirm whether early investor FirstMark Capital, whose other Philly area investments included Boomi, Artisan Mobile, and Guru, had exited, as Term Sheet reported.
Last month, John Blakeley, who was formerly chief commercial officer at Greenphire, joined CRF Health in Plymouth Meeting as chief business officer.
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $250 million.
