Cotiviti Holdings (Pending:COTV) filed an S1/A with the Securities and Exchange Commission on May 16 for its upcoming IPO. The company expects to raise up to $273.15 million. Cotiviti Holdings, based in Atlanta, Georgia, provides payment solutions that are analytics-based to ensure accuracy, primarily for the healthcare industry. The company serves more than 40 healthcare organizations, including Medicare, Medicaid and commercial managed healthcare plans. It also provides payment solutions to the retail industry, working with more than 40 retailers, including eight out of the top 10 largest retailers in the U.S.
Cotiviti Holdings plans to make an S1/A with the Securities and Exchange Commission of 12.5 million shares of its class B common stock at a price range of $17 to $19. It will also have an over-allotment of an additional 1.875 million shares of its class B common stock that the underwriters can option to purchase within 30 days.
The underwriters include Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), Baird, Barclays (NYSE:BCS), William Blair, Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Morgan Stanley (NYSE:MS), RBC Capital Markets (NYSE:RBC) and SunTrust Robinson Humphrey.
Business Summary
Per its filings, S1/A with the Securities and Exchange Commission was formed in 2014 through the merger of Connolly Superholdings, Inc., and iHealth Technologies, Inc. Connolly was a leader in providing post-payment solutions for accuracy while iHealth was a leader in providing pre-payment solutions for accuracy. The merger allowed Cotiviti Holdings to greatly expand its ability to provide solutions for its customers. The company reports it had total revenues of $541.3 million for 2015 and $142.7 million for the three-month period ending in March 2016. The company’s net income for 2015 was $13.9 million and for the three-month period ending in March, $8.1 million.
Overview of the Executive Management
CEO Doug Williams served as the CEO of iHealth Technologies from its founding in 2001. Prior to that, Mr. Williams held a variety of strategic positions at Cigna Healthcare, Magellan Specialty Health and Vivra.
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