Healthcare Software Provider Evolent Health Files for IPO





Evolent Health, a provider of software solutions for health care providers, on Monday filed for an initial public offering with the Securities and Exchange Commission.
The company said it was seeking to raise $100 million, but that is likely a placeholder for its initial S-1 filing and plans to trade on the New York Stock Exchange under the ticker symbol EVH.
In 2013, Evolent Health raised $100 million in a capital raising initiative to bring its capital base to $124 million. It was the second round of funding, for the company, according to Venture Beat. TPG Growth participated in that fundraising round, as well as stakeholders UPMC Health Plans, the health care provider associated with the University of Pittsburgh Medical Center and Advisory Board (ABCO), a Washington-based provider of management and consulting services that focuses on health care. Evolent CEO Frank Williams serves as co-chair of Advisory Board, in addition to his leadership of Evolent.
Evolent partners with leading health systems to drive value-based care transformation, according to TPG Growth's description of its portfolio company. It operates on what is called a "value-based care model" by the healthcare sector that focuses on the value of care being provided over the volume.
"In an environment of rising costs and wide variations in care quality, creating clinical value is challenging but critically important — and readily achievable with the right partner," Williams said in a 2013 statement announcing the recapitalization. "With our physician and provider partners, Evolent is able to fully align with the clinical and financial imperatives of the health care system. With this investment, we can extend our reach to serve even more systems in more markets."