Inovalon is the first digital health company to file for an IPO in 2015

Inovalon

Inovalon Holdings is the first digital health company to file for an IPO in 2015, according to a Reuters report. It provides analytics and data-based technology services is looking to raise up to $500 million in an initial public offering of Class A common stock.

Goldman, Sachs & Co, Morgan Stanley & Co LLC and Citigroup Global Markets Inc are the lead underwriters, according to the preliminary prospectus, which doesn’t reveal how many shares Inovalon plans to sell or their expected price.

The Bowie, Maryland-based firm combines advanced cloud-based data analytics and data-driven intervention platforms to provide insights to the healthcare industry, and has served nearly 100 clients representing approximately 200 patient populations in 2014.

Inovalon competes with IT solutions providers such as Oracle, IBM, IT consultants like Accenture and Deloitte Consulting, healthcare-specific solutions providers such as McKesson, OptumHealth, Truven and point solution providers like DST Health and Alere. The company reported net income of $51.9 million for the nine months ended Sept. 30, 2014, up from $27 million a year earlier.