A big health care data analysis firm has bought a smaller but higher-profile competitor.
Inovalon (Nasdaq:INOV) says it has agreed to acquire Avalere Health for $135 million in cash and $5 million in restricted stock.
The companies hope to complete the deal Sept. 1.
Inovalon, a Bowie, Md.-based company started in 1998, has data on 769,000 physicians, 261,000 clinical facilities, and 123 million Americans. The company ended 2014 with about 1,600 full-time employees and 9,000 part-time employees, according to the company’s 2014 financial report.
Inovalon reported $26 million in net income for the second quarter on $118 million in revenue. In 2014, relationships with Independence Blue Cross and Anthem Inc. (NYSE:ANTM) accounted for about 23 percent of the company’s revenue.