Ledger Run

Ledger Run is founder-led and has raised growth capital from Atlantic Street Capital, a Connecticut-based private equity firm, in 2020. Jeff Bell remains CEO and sets the strategic direction, with Stephen Ryan serving as COO.

The platform addresses the unautomated financial workflow between pharmaceutical study sponsors and clinical trial sites — specifically investigator grant calculation, site budget negotiation, payment scheduling, and regulatory-compliant disbursement. Most processes it replaces are manual spreadsheet-and-ACH workflows prone to error and delay. The software also handles country-specific tax and currency rules for multi-site global trials.

Ledger Run focuses on institutional payments between sponsors and clinical trial sites, which include investigator fees and site overhead. The firm has not publicly announced a patient-facing stipend or direct-to-participant payment product.

Oracle's Clinical One and Siebel CTMS platforms offer broad clinical operations functionality, while Ledger Run focuses exclusively on the financial and payment administration layer. It is designed to integrate with existing CTMS rather than replace the full operational suite.

The firm targets mid-size and large pharmaceutical companies with active global clinical trial portfolios. Its configurability for multi-jurisdiction payment complexity makes it most relevant for sponsors running Phase II-III trials across multiple countries.