UPDATE 1-Inovalon to buy info tech firm Ability Network for $1.2 bln [Reuters]
Inovalon Holdings, Inc. - Class A (INOV)
Last inovalon holdings, inc. - class a earnings: 4/29 04:10 pm
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Source: Reuters
UPDATE 1-Inovalon to buy info tech firm Ability Network for $1.2 bln | Reuters Reuters Staff 1 Min Read (Adds details on transaction, background) March 7 (Reuters) - Healthcare data analytics company Inovalon Holdings Inc said on Wednesday it will acquire Ability Network, a provider of information technology, in a deal valued at $1.2 billion. Inovalon will get access to the 44,000 healthcare facilities in which Ability’s software platform provides management and other administrative services. The transaction is comprised of $1.1 billion cash and $100 million in restricted Inovalon stock. The company, which expects to close the deal next month, is also using funds from a term loan. Inovalon uses predictive algorithms to find health conditions by analyzing data stored in its registry. Morgan Stanley Senior Funding Inc will provide the financing commitment for the acquisition and will lead the financing, the company said. Reporting by Arjun Panchadar and Manas Mishra in Bengaluru;Editing
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