In less than five years, Evolent Health has gone from startup to being a publicly traded company, this week, on the New York Stock Exchange (NYSE).
Evolent had an initial public offering of 11,500,000 shares of Class A common stock at a price to the public of $17.00 per share. The company, which began in 2011 with $25 million in funding from The Advisory Board Company and the UPMC Health Plan , has grown by leaps and bounds on the back of its population health partnering strategy. Evolent helps healthcare organizations with strategic population health planning and infrastructure implementation from concept to completion.
The company, which was a 2014 Healthcare Informatics Up and Comer, received a few additional strategic investments from UPMC, The Advisory Board and a few others, to the tune of $100 million. In its short history, the company has grown to 800 employees and has customers in 25 markets. This includes Piedmont Healthcare, WakeMed Health, and WellStar Health System. The company told Venture Beat that it has about $100 million in revenues.
Evolent becomes the latest healthcare technology company to go public. Inovalon, Castlight, and Imprivata are a few others in the past year-and-a-half that have done the same.