Telos Labs Acquires Flourish Fi

Flourish Research Acquires Diablo Clinical Research

February 18, 2025

Healthcare Services

Flourish Research, a multi-site clinical trial organization headquartered in Apex, North Carolina, has acquired Diablo Clinical Research, a Walnut Creek, California-based clinical research facility established in 1995 that has conducted more than 1,000 phase I–IV trials and medical device studies. The add-on acquisition (Flourish is PE-backed by Genstar Capital) expands Flourish's geographic footprint and therapeutic-area capabilities, particularly in endocrinology, cardiovascular and metabolic research.

Brightflow AI Acquires CircleUp

June 2, 2023

Data & Analytics

Brightflow AI has acquired CircleUp, adding CircleUp's Helio data and machine-learning insights to Brightflow's financial intelligence platform. The deal will integrate CircleUp's consumer market analytics with Brightflow AI's cash-flow and financial forecasting tools to create a broader offering for consumer and e-commerce businesses; terms were not disclosed.

Flourish Research (NMS Capital-backed) Acquires Valley Clinical Trials

September 15, 2023

Healthcare Services

NMS Capital–backed Flourish Research has acquired Valley Clinical Trials, a three-site clinical research organization in Los Angeles County focused on cardiology, metabolic and related therapeutic areas. The deal — Flourish’s ninth acquisition since 2021 — expands the platform’s West Coast footprint; terms were not disclosed and Valley’s founder and management will remain in their roles.

Flourish Research Invests in Valkyrie Clinical Trials

October 6, 2025

Healthcare Services

Flourish Research, a Genstar Capital-backed multi-site clinical trial organization, has made a strategic investment in Valkyrie Clinical Trials to establish a meaningful presence in oncology. Valkyrie, founded by Dr. David Berz and operating three sites in Los Angeles, will leverage Flourish's national network and infrastructure to accelerate oncology trial access and patient recruitment.

Genstar Capital Acquires Majority Stake in Flourish Research

September 18, 2024

Healthcare Services

Genstar Capital has made a strategic majority investment in Flourish Research, a multi-site clinical trial organization headquartered in Apex, North Carolina. The transaction represents an exit for NMS Capital, which built Flourish into a 24-site network with ~150 investigators and scaled the business through infrastructure investments and acquisitions.

Flourish Research Acquires ENCORE Research Group

June 25, 2024

Healthcare Services

NMS Capital portfolio company Flourish Research has partnered with ENCORE Research Group, a clinical research organization with eight locations across Northern Florida and more than 100 investigators. The transaction — the eleventh add-on to the Flourish platform since 2021 — expands Flourish's geographic footprint and therapeutic capabilities; terms were not disclosed.