[UPDATED] Tech Co’s Coming To MN + Those Moving Up, Down, Around & Out

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Given the rate of geographic change and rearrange happening in Minnesota’s technology industry, these physical movements are tracked for further trending analysis.

Whether it’s a startup graduating from coworking into their first office, a company going intrastate from one side of town to the other, or those departing, even outgrowing Minnesota.

The goal is as always, to be as thorough as possible, and if something was missed please leave a comment:

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Inovalon Is Buying Twin Cities’ Ability Network For ~$1.2 Billion

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Via News Release

“BOWIE, Md., March 07, 2018 (GLOBE NEWSWIRE) — Inovalon (INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced it has entered into a definitive agreement to acquire ABILITY Network (“ABILITY”) for aggregate consideration of $1.2 billion in cash and restricted stock, creating a vertically-integrated leader in cloud-based enablement of data-driven, value-based care.”

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PE Backed HealthTech Firm ABILITY Network Secures $545m Debt Round

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Via News Release

“MINNEAPOLIS, Dec. 14, 2017  — ABILITY Network (ABILITY), a leading healthcare information technology company, today announced that it has closed a debt issuance totaling $545 million.

Proceeds will be used to replace existing debt at lower rates and extended maturities, fund cash to the balance sheet for growth and pay a dividend to shareholders. The new debt financing, along with ABILITY’s strong performance, returns leverage ratios to the same level as when Summit Partners and Bain Capital Ventures invested in ABILITY in 2014.”

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Meet A Minnesota Tech CFO: Jamison Rice, ABILITY Network

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Thanks to local commercial real estate pros CBRE for sponsoring our new Meet A Minnesota Tech CFO series!

The CFO: Jamison Rice, ABILITY Network

When and how did you get started in your finance career?

I started in finance in public accounting at Arthur Anderson in the early 1990s. It was a great way to get exposure to a lot of different industries and companies. I was able jump into my career, learning from really talented people within public accounting, as well strong leaders at a number of different client companies. I continue to grow in my profession by surrounding myself with talented people. It’s one of the reasons I joined ABILITY Network.

What is unique about your role with the technology industry, compared to other industries?

The speed of change within technology is greater than most industries. That dynamic increases exponentially when you couple it with the rate of change within the healthcare industry. My role, and that of my team, is focused on enabling business leaders to make informed decisions about our business−quickly. As part of a leading healthcare information technology company, we simply can’t afford a “wait-and- see” approach.

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Minneapolis’ ABILITY Network Buys St. Paul Software Maker Secure Bill Pay

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Via News Release

“MINNEAPOLIS – (July 18, 2017) – ABILITY Network today announced its acquisition of Secure Bill Pay, a leader in the fast-growing healthcare payment software market. Secure Bill Pay provides an all-in-one set of tools to enable providers to facilitate patient payment throughout the revenue cycle.”

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Jamison Rice Joins ABILITY Network As EVP and CFO

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Via News Release

“MINNEAPOLIS, June 19, 2017 — ABILITY® Network, a leading healthcare information technology company, announced today that Jamison (Jamie) Rice has joined the company as executive vice president and chief financial officer (CFO). In this role Rice will have accountability for leading the company’s Finance, Strategy and Corporate Development functions to advance the long-term growth strategy for ABILITY.”

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ABILITY Network Unfazed By Industry Changes

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By Neal St. Anthony, Star Tribune

“CEO Mark Pulido of Ability Network is one health care industry boss who doesn’t seem to sweat political wrangling over America’s health care system.

“We’re poised to help customers regardless of the environment … of the changing political and regulatory environment,” Pulido said recently. “Our business is to help payers and providers simplify [a complex system]. “Change is something you have to stay in front of. It’s exhilarating.”

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