Ballard Spahr Helps Suvoda LLC Secure $40M in Financing
Ballard Spahr served as lead counsel to Suvoda LLC, a software-as-a-service (SaaS) provider of clinical trial software, as it secured a $40 million minority equity investment from LLR Partners. It is Suvoda’s first infusion of institutional capital and will be used to support Suvoda’s continued growth and the expansion of its product offerings.
Suvoda helps pharmaceutical and biotechnology companies manage complex clinical trial designs and optimize the supply chain across the clinical trial continuum. In six years, Suvoda has grown from a startup of six people to an organization with a staff of 386 in four offices in the United States and Europe and end users in 62 countries.
The transaction was led by Philadelphia-based Business and Transactions Partner Anuj Goswami, along with the Co-Chairs of Ballard Spahr’s Emerging Growth and Venture Capital Practice Group, Nathan Seiler in Boulder and Gregory Seltzer in Philadelphia. The team also included Tax Partner Mark D. Salsbury in Minneapolis, and Business and Transactions Associates Kimberly W. Klayman in Philadelphia and Conor R. Crawford in Boulder.
The 180 attorneys of Ballard Spahr’s Business and Finance Department work with clients across the country to negotiate, structure, and complete transactions that improve competitive position, add value, and sustain growth. They provide practical advice to businesses on the best legal framework for operations, investments, regulatory compliance, and special initiatives.