• Divestiture of all legacy services and intervention operations completed, resulting in a 100% pure-play cloud-based SaaS and DaaS platform provider business
• Advancements in cloud-based software, data platform architecture, and newly integrated AI capabilities, now support over 50,000 active, licensed customers daily
• Double-digit three-year CAGR of industry’s largest primary source dataset to 86.6 billion unique medical events across 397 million unique patients
• Double-digit three-year CAGR realized across revenue, gross margin, and adjusted EBITDA

Inovalon Completes Three-Year Transformation to Pure-Play Cloud-Based SaaS and DaaS Platform Provider

Tom Paolella
Sr. Director, Press and Analyst Relations, Inovalon
Thomas.paolella@inovalon.com

Inovalon, a leading provider of cloud-based software solutions empowering data-driven healthcare, today announced it has completed a series of initiatives focused on transforming Inovalon to a pure-play cloud-based SaaS and DaaS platform company while concurrently maintaining strong growth, profitability, connectivity, and dataset expansion.

Following its privatization in November of 2021, Inovalon’s transformational journey has been hallmarked with a multi-step divestiture of all services and intervention operation elements, the discontinuation of enterprise data centers, the transition of all product software designs to commercial cloud architectures, the implementation of a unified primary source data architecture backend, the creation of an integrated customer application portal spanning all product offerings, the launch of over a dozen new products, and the introduction of multiple new AI-powered solutions.

This evolution to a unified, pure-play cloud software and data platform business enables faster innovation, more efficient use of the industry’s largest primary source dataset, and a greater ability to apply increasing advances in AI capabilities - delivering smarter, more efficient solutions for its more than 50,000 active, licensed customers. By focusing on factors enabling greater scalability, automation, efficiency, security, analytics, and accessibility, Inovalon is providing increasingly cutting-edge tools that empower organizations to harness the power of data more effectively, optimize workflows, improve outcomes, and benefit costs and performance across the healthcare ecosystem. This transformation underscores Inovalon’s commitment to staying at the forefront of healthcare software and data technology, offering unparalleled value to customers through continuous advancements and a customer-centric SaaS and DaaS model.

While positioning Inovalon for strong leadership going forward, the execution of these initiatives has also empowered strong ongoing growth, profitability, and dataset expansion over the three-year transformation period. Reflecting this dynamic, since the close of 2021, the company has realized double-digit compounding annual growth across its unique end-customer count, EHR NPI connectivity count, and the unique medical event count within the company’s proprietary MORE² Registry® primary source dataset. This, together with the transformations in software, data infrastructure, and product design, has supported concurrent double-digit compounding annual growth across Inovalon’s revenue, gross margin, and adjusted EBITDA throughout the transformation period.

“Over the last few years, Inovalon has achieved a tremendous transformation,” said Keith Dunleavy, M.D., Inovalon’s founder and chief executive officer. “Through the hard work of so many dedicated Inovalon associates, we are now more equipped than ever before to progress Inovalon’s mission, deliver meaningfully differentiated value, and empower our customers as we work together to improve the outcomes and economics of healthcare across the entirety of the ecosystem.”

For more information on Inovalon’s approach to harnessing the power of data to improve healthcare outcomes and economics, visit www.inovalon.com.

About Inovalon

Inovalon is a leading provider of cloud-based SaaS solutions empowering data-driven healthcare. The Inovalon ONE® Platform brings together national-scale connectivity, real-time primary source data access, and advanced analytics into a sophisticated cloud-based platform empowering improved outcomes and economics across the healthcare ecosystem. The company’s analytics and capabilities are used by over 50,000 active, licensed customers, and are informed by the primary source data of more than 86 billion medical events across 1.1 million physicians, 682,000 clinical settings, and 397 million unique lives. For more information, visit www.inovalon.com.

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