UPDATE 2-Inovalon to buy info tech firm for $1.2 bln, expands client base [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
Inovalon to buy info tech firm for $1.2 billion, expands client base | Reuters 2 Min Read (Reuters) - Inovalon Holdings Inc ( INOV.O ) said on Wednesday it would buy privately held Ability Network for $1.2 billion, as the healthcare data analytics company seeks to reduce its dependence on insurers and add more clients. The company has been expanding its customer-base to include healthcare providers, and the deal could help it add acute care facilities such as hospices, emergency rooms, hospitals and ambulatory centers. Inovalon will get access to the 44,000 healthcare facilities in which Ability’s cloud-based software platform provides management and other administrative services. “We grow significantly in pharma, life sciences, and have been decreasing the dependency on just the payer space as a result,” Chief Executive Officer Keith Dunleavy said on a conference call. Bowie, Maryland-based Inovalon’s technology uses data about medical incidents stored in its registry and analyzes
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