Bowie, Maryland-based technology company Inovalon (Nasdaq: INOV) announced it entered into a definitive agreement to acquire Minneapolis, Minnesota-based ABILITY Network for $1.2 billion in cash and restricted stock.
ABILITY is a cloud-based software-as-a-service (SaaS) technology company and the company behind the myABILITY software platform, an integrated set of cloud-based applications for post-acute providers. ABILITY provides connectivity, administrative, clinical, and quality analysis, management, and performance improvement capabilities to more than 44,000 provider facilities.
Prior to its exit, ABILITY had raised $578M in total disclosed funding from investors including Bain Capital Ventures, Space Center Ventures, and more.
The deal, expected to close next month, is set to grow the application offerings within the myABILITY platform while expanding the nature and reach of functions for Inovalon’s payer, pharma and device client base.
Written by Tim Regan