Growth capital to support expansion of Suvoda's clinical trial software and services
CONSHOHOCKEN, Pennsylvania, Dec. 5, 2019 /PRNewswire/ -- Suvoda LLC, a SaaS provider of clinical trial software, announced it secured a $40 million minority equity investment from Philadelphia-based private equity firm, LLR Partners. LLR's investment is the first institutional capital invested in Suvoda and will be used to help support the Company's continued growth and the expansion of its product offerings.
Suvoda offers a powerful SaaS solution that helps pharmaceutical and biotechnology companies manage complex trial designs and helps optimize the supply chain across the clinical trial continuum, from small investigator-sponsored trials to large global Phase III studies. In just six years, Suvoda has grown organically from a six-person startup to a multi-national company with a staff of 386 in four offices in the U.S. and Europe serving customers and end-users in 62 countries.
"Over the years, I've known LLR as a smart, helpful investor with significant experience in healthcare and technology," said Jagath Wanninayake, President & CEO of Suvoda. "I'm thrilled to have one of its founding partners, Howard Ross, join our Board of Directors and to have their expertise and resources to help us as we continue our rapid growth."
"We are very impressed with Jagath's vision and the management team he and his co-founders have built," said Howard Ross, partner at LLR Partners. "As both an investor and peer in the Philadelphia business community, we are excited to partner with Suvoda and we embrace their mission to transform clinical trials through the power of technology."
About Suvoda LLC
Suvoda is an innovative SaaS company, focused on transforming clinical trials using the power of technology. Suvoda's Interactive Response Technology (IRT) system solves complex patient randomization and clinical trial supply chain challenges, so that customers have peace of mind to focus on their patients. Suvoda IRT sets clinical trials up for success by offering a vast array of configurable and customizable features, powerful reporting, and advanced functionality built to support complex and innovative study designs. Headquartered in Conshohocken, PA, Suvoda has offices and staff around the world, offering exceptional customer and advisory services to biopharmaceutical companies and clinical research organizations of all sizes. Learn more at www.suvoda.com.
About LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on healthcare, technology and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.
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