Inovalon (INOV) Announces Completion of Creehan & Company Acquisition

October 3, 2016 7:56 AM EDT

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Inovalon (Nasdaq: INOV) announced that, effective October 1, 2016, it completed its previously announced acquisition of Creehan Holding Co., Inc., the parent company of Creehan & Company, the leading independent provider of specialty pharmacy and specialty medications management software-as-a-service (SaaS) platforms. All customary closing conditions have been satisfied and antitrust clearance has been received.

The acquisition of Creehan & Company adds the industry’s most widely used specialty pharmacy SaaS capabilities to Inovalon’s expanding healthcare technology platform. Focused on higher cost and complexity segments of pharmacological care, specialty pharmacy has become increasingly important to payors, pharmaceutical companies, and patients alike. This is reflected in industry estimates that the U.S. specialty pharmacy market will grow from approximately $178 billion in 2015 to an estimated $282 billion by 20201. The leveraging of Inovalon’s technology infrastructure, healthcare market interconnectivity, large-scale datasets, and advanced analytics, will enable even greater collaborative advancement of capabilities, scaling, and differentiation for this industry-leading SaaS platform. As specialty pharmacy is a critical, high impact piece of the healthcare ecosystem, the ability to apply data-driven insights to the achievement of improved quality and financial performance within this market segment further empowers Inovalon’s vision to be the global leader of data-driven healthcare solutions.

[1] Barclay’s U.S. Health Care Distribution & Technology, Specialty Market Model 2016 Update, January 2016.

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