M&A Deal Summary

Inovalon Acquires ABILITY Network

On March 7, 2018, Inovalon acquired information technology company ABILITY Network from Summit Partners and HarbourVest Partners for 1.2B USD

Acquisition Highlights
  • This is Inovalon’s 2nd transaction in the Information Technology sector.
  • This is Inovalon’s largest (disclosed) transaction.
  • This is Inovalon’s 5th transaction in the United States.
  • This is Inovalon’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2018-03-07
Target ABILITY Network
Sector Information Technology
Buyer(s) Inovalon
Sellers(s) Summit Partners
HarbourVest Partners
Deal Type Add-on Acquisition
Deal Value 1.2B USD

Target

ABILITY Network

Minneapolis, Minnesota, United States
ABILITY Network, Inc. is a information technology company helping providers and payers simplify the administrative and clinical complexities of healthcare through innovative applications and data analytics. ABILITY is headquartered in Minneapolis with principal offices in Boston and Tampa.

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Buyer(S) 1

Buyer

Inovalon

Bowie, Maryland, United States
Category Company
Founded 1998
Sector Information Technology
Employees2,500
Revenue 668M USD (2020)
DESCRIPTION

Inovalon is a provider of cloud-based platforms empowering data-driven healthcare. Through the Inovalon ONE Platform, the company brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem, aggregate and analyze data in real-time, and empower the application of resulting insights to drive meaningful impact at the point of care. Inovalon was founded in 1998 and is based in Bowie, Maryland.

DEAL STATS #
Overall 5 of 6
Sector (Information Technology) 2 of 2
Type (Add-on Acquisition) 5 of 6
State (Minnesota) 1 of 2
Country (United States) 5 of 6
Year (2018) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-01 ComplexCare Solutions

New York, New York, United States

ComplexCare Solutions (CCS) is a New York-based health services company with service centers in New York, Tennessee, and Puerto Rico. ComplexCare specializes in face-to-face services for Medicare Advantage, Managed Long Term Care (MLTC), Medicaid, SNP, and commercial plan members. CCS is focused on integrating the continuum of care for complex, frail, elderly, special needs, and dually-eligible individuals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-02 Avalere Health

Washington, District of Columbia, United States

Avalere Health is a healthcare consulting and advisory firm. Avalere partners with leading life sciences companies, health plans, providers, and investors to bring innovative, data-driven solutions to complex healthcare challenges. Avalere Health was founded in 2000 and is based in Washington, District of Columbia.

Sell -

Seller(S) 2

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 222 of 285
Sector (Information Technology) 17 of 22
Type (Add-on Acquisition) 98 of 127
State (Minnesota) 8 of 9
Country (United States) 200 of 246
Year (2018) 2 of 13
Size (of disclosed) 7 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-15 onXmaps

Missoula, Montana, United States

onXmaps is a provider of mobile and web-based off-pavement maps and GPS technology for hunting and other outdoor pursuits. The company aggregates data on property ownership, trails, permitted land use, and many other parameters to deliver the most relevant and rich geospatial data to any device, anywhere. onXmaps was formed in 2009 and is based in Missoula, Montana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-09 Integrated DNA Technologies

Coralville, Iowa, United States

Integrated DNA Technologies, Inc. is a manufacturer of custom nucleic acids (i.e. building blocks of DNA and RNA) and assists researchers in advancing genomics technology, including synthetic biology and Next-Generation Sequencing. The company serves more than 80,000 customers across a diverse set of end markets including academic research, biotechnology, clinical diagnostics and pharmaceuticals.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 93 of 132
Sector (Information Technology) 11 of 18
Type (Add-on Acquisition) 37 of 57
State (Minnesota) 2 of 2
Country (United States) 58 of 83
Year (2018) 1 of 4
Size (of disclosed) 19 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 Elatec

Puchheim, Germany

Elatec is a provider in the development and global sales of contactless (RFID, NFC, Bluetooth) and contact (SmartCard) readers/writers. Elatec modules enable the clear identification of individual users on end devices and are used across a broad range of numerous applications and solutions, such as secure printing, elevator systems, fitness devices, industrial production, kiosk, physical access, and point-of-sale systems. Elatec was founded in 1988 and is based in Puchheim, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-21 CRS Solutions

Houston, Texas, United States

CRS Solutions is a technology-enabled provider of comprehensive point-of-sale (“POS”) solutions to established single and multi-unit operators in the restaurant, retail, and other hospitality end markets. CRS delivers its highly customized front-of-the-house technology solutions through a recurring service and solutions model for merchants who have complex service needs. CRS Solutions was formed in 1972 and is based in Houston, Texas.

Buy -
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