BOWIE, Md. – August 24, 2015 – Inovalon (Nasdaq: INOV), a leading technology company providing advanced cloud-based analytics and data-driven intervention platforms to the healthcare industry, has entered into a definitive agreement to acquire Avalere Health, Inc., a leading provider of data-driven advisory services and business intelligence solutions to the pharmaceutical and life sciences industry.
The addition of Avalere, with its more than 200 pharma/life sciences clients, is expected to significantly expand Inovalon’s leadership in the broader healthcare marketplace and enables the company to expand its industry leading capabilities into an expansive adjacent market. Avalere, a growing provider of data-driven advisory services that already serves 13 of the top 15 pharma companies, will operate as a subsidiary of Inovalon, enabling Inovalon the ability to offer a powerful combination of business intelligence, cloud-based analytics, and data-driven insights to the pharma/life sciences industry. Avalere’s CEO, Dan Mendelson, will join the executive leadership team of Inovalon where he will continue to lead the day-to-day operations of the core business of Avalere.
Key Highlights of the Transaction
“Data is transforming healthcare, and life sciences companies in particular need better information and analytics to drive commercial and strategic decisions,” said Dan Mendelson, CEO of Avalere. “Our combination with Inovalon will enable us to bring unique data-based solutions to the market while expanding on our outstanding core products and services. This is an exciting time within the healthcare industry, our clients, and our companies.”
“The sea change taking place in our healthcare system from a volume-based and consumption-based healthcare model is impacting payors, providers, and the pharma/life sciences landscape alike,” said Keith Dunleavy, M.D., chief executive officer and chairman of the board of Inovalon. “Avalere’s deep industry experience, expertise, and relationships further strengthens and expands our capacity to drive meaningful and measurable impact through data-driven insights for not only several core areas of our existing client base, but rather excitingly, the very large pharma/life sciences industry.”
For more information regarding Inovalon’s acquisition of Avalere, including certain expected benefits of the proposed transaction, a corporate fact sheet on this acquisition had been posted in the Investors section of Inovalon’s website located at www.inovalon.com.
Avalere is a vibrant community of innovative thinkers dedicated to solving the challenges of the healthcare system. Working as a trusted thought-leader and partner to the senior leadership of more than 200 pharma/life sciences clients, as well as an extensive array of payor, provider, and research institutions, we deliver a comprehensive perspective, compelling substance, and creative solutions to help our clients make better business decisions. We partner with stakeholders from across healthcare to help improve care delivery through better data, insights, and strategies. With breakthrough business intelligence tools and programs, we empower business leaders to take action.
Inovalon is a leading technology company that combines advanced cloud-based data analytics and data-driven intervention platforms to achieve meaningful insight and impact in clinical and quality outcomes, utilization, and financial performance across the healthcare landscape. Inovalon’s unique achievement of value is delivered through the effective progression of Turning Data into Insight, and Insight into Action®. Large proprietary datasets, advanced integration technologies, sophisticated predictive analytics, data-driven intervention platforms, and deep subject matter expertise deliver a seamless, end-to-end capability that brings the benefits of big data and large-scale analytics to the point of care. Driven by data, Inovalon uniquely identifies gaps in care, quality, data integrity, and financial performance – while bringing to bear the unique capabilities to resolve them. Providing technology that supports hundreds of healthcare organizations in 98.2% of U.S. counties and Puerto Rico, Inovalon’s cloud-based analytical and data-driven intervention platforms are informed by data pertaining to more than 769,000 physicians, 261,000 clinical facilities, and more than 123 million Americans providing a powerful solution suite that drives high-value impact, improving quality and economics for health plans, ACOs, hospitals, physicians, consumers and pharma/life-sciences researchers. For more information, visit www.inovalon.com.
Certain statements contained in this press release constitute forward-looking statements within the meaning of, and intended to be covered by the safe harbor provisions of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including but not limited to statements regarding future results of operations and financial position, business strategy and plans, market growth, and objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, strategies and business plans and expectations regarding future results. Inovalon has based these forward-looking statements largely on current expectations and projections about future events and trends that may affect financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, which could cause the future events and trends discussed in this press release not to occur and could cause actual results to differ materially and adversely from those anticipated or implied in the forward-looking statements. The Company is under no duty to, and disclaims any obligation to, update any of these forward-looking statements after the date of this press release or conform these statements to actual results or revised expectations, except as required by law.
Kim E. Collins
4321 Collington Road
Bowie, Maryland 20716
Phone: 301-809-4000 x1473
Greenough, on behalf of Inovalon