Oct 3, 2016 5:51:00 AM |
Combination empowers expanded data-driven capabilities to achieve greater outcomes and economics for high-cost and high-complexity medications
BOSTON, MA – October 3, 2016 – Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive advisor to Creehan & Co, the industry’s leading independent provider of specialty pharmacy and specialty medications management software-as-a-service (SaaS) platforms, in its sale to Inovalon (NASDAQ: INOV), a leading technology company providing advanced, cloud-based analytics and data-driven intervention platforms to the healthcare industry.
Tom Cibotti, Managing Director at Covington Associates stated, “Creehan & Company’s unique position as a technology leader in the growing specialty pharmacy sector, along with the breadth of capabilities and synergies of Inovalon, make this an exciting combination.”
“Creehan & Company and Inovalon share a common philosophy that data, its analysis, and the resulting ability to drive highly meaningful impact is key to the achievement of improved care, quality, and financial performance within the healthcare ecosystem,” said Sean Creehan, chief executive officer of Creehan & Company. “Our combination with Inovalon will enable us to further advance and scale our industry-leading platform and bring an expanded set of capabilities to our existing clients as well as to the expansive client base of Inovalon. All of us at Creehan & Company are excited about the people, technologies, and vision that we have found with Inovalon and see our union as a significant benefit for our clients and competitive advantage unmatched in the industry today.”
Sean Creehan added, “Covington’s deep healthcare IT expertise and transaction experience provided us with a range of strategic alternatives that ultimately led to the consummation of this great transaction with Inovalon. Covington orchestrated the presentation materials and management meetings with speed and crispness, generating and efficiently managing extraordinary strategic interest, keeping us focused and on track during a complicated transaction.”
About Creehan & Company
Creehan & Company is the healthcare technology industry’s leading third-party provider of SaaS and on-premise enterprise-wide software application platforms and implementation services for standalone specialty pharmacies and other industry players such as PBM’s drug manufacturers and distributors that operate in the specialty pharmacy market space. Built upon more than a decade of client collaboration, Creehan & Company proudly partners with leading industry health plans, pharmacy benefits management (PBM), retail and specialty pharmacy, and pharmaceutical companies to provide a comprehensive enterprise platform supporting the complete array of specially pharmacy operational, clinical, financial, and regulatory needs from referral, order, and care management, to contract administration, inventory management, fulfillment, and pharma data management.
About Covington Associates
Covington Associates is an investment banking firm offering M&A advisory services to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.
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