Former CEO Mark Pulido of Ability Network, which sold in April for $1.2 billion in cash and stock to Inovalon Holdings, has joined the board of suburban Washington D.C.-based Inovalon.
According to a recent Inovalon filing with the Securities and Exchange Commission, Pulido will receive the same compensation as other Inovalon non-employee directors, including an annual cash retainer of $75,000, and an annual award of $175,000 worth of stock.
In addition, Pulido in late March entered into a consulting agreement with Inovalon to assist with the integration of Ability. The contract will pay him $10,000 per month for a 10 hour workweek. He's also acquired more than 350,000 shares of Inovalon stock, currently worth more than $3.5 million.
Ability Network, which employs 550 nationally, including 200 at its its North Loop headquarters, recently leased enough new space at Butler Square for 100 work spaces, a coffee bar and recreation area.
Pulido is a veteran pharma executive who took over Ability in 2015. He sold the company for principal owner Summit Partners.
The Minneapolis-based software firm was acquired in 2014 for $550 million by Boston private-equity firm Summit Partners. The company links health care providers, from a doctor’s office to hospital systems, to payers, such as commercial insurers and Medicare.
Pulido said last year about half of the nation’s “sites of care,” including home health agencies and nursing homes, use Ability’s “My Ability” online portal.