Evolent Health
NYSE: EVHArlington, US · Founded 2011 · Delaware corporation · Public · 3 known investors
Publicly traded Arlington, Virginia healthcare company delivering clinical and financial results for value-based care providers.
Also known as EVH · Evolent Health Inc.
Founders & leadership
Evolent Health was founded in 2011 by SETH BLACKLEY and FRANK WILLIAMS.
Investors · 3
Also in the syndicate · 1
Reported raises · per SEC filings
Form D private placements$534.5M disclosed across 9 rounds · 2013–2023
▶$728KraisedMay 2023 · 18 investors · OtherRule 506(b)
- DANIEL MCCARTHYExecutive Officer
- DAVID FARNERDirector
- STEVE TUTEWOHLExecutive Officer
- PETER GRUADirector
- BRIDGET DUFFYDirector
- TUNDE SOTUNDEDirector
- DIANE HOLDERDirector
- FRANK WILLIAMSDirector
- CRAIG BARBAROSHDirector
- SETH BLACKLEYExecutive Officer, Director
- AAMMAAD SHAMSExecutive Officer
- JONATHAN WEINBERGExecutive Officer
- JOHN JOHNSONExecutive Officer
- CHERYL SCOTTDirector
- KIM KECKDirector
- Offering amount
- $728K
- Amount sold
- $728K
- First sale
- May 2023
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$125MraisedAug 2022 · 6 investors · OtherRule 506(b)
- KIM KECKDirector
- JONATHAN WEINBERGExecutive Officer
- CRAIG BARBAROSHDirector
- AAMMAAD SHAMSExecutive Officer
- SETH BLACKLEYExecutive Officer, Director
- CHERYL SCOTTDirector
- TUNDE SOTUNDEDirector
- FRANK WILLIAMSDirector
- STEVE TUTEWOHLExecutive Officer
- DAVID FARNERDirector
- BRIDGET DUFFYDirector
- PETER GRUADirector
- DIANE HOLDERDirector
- JOHN JOHNSONExecutive Officer
- Offering amount
- $182M
- Amount sold
- $125M
- First sale
- Aug 2022
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$450KraisedNov 2021 · 18 investors · OtherRule 506(b)
- KIM KECKDirector
- BRIDGET DUFFYDirector
- CHERYL SCOTTDirector
- DIANE HOLDERDirector
- TUNDE SOTUNDEDirector
- STEVE TUTEWOHLExecutive Officer
- SETH BLACKLEYExecutive Officer, Director
- JOHN JOHNSONExecutive Officer
- AAMMAAD SHAMSExecutive Officer
- CRAIG BARBAROSHDirector
- FRANK WILLIAMSExecutive Officer, Director
- PETER GRUADirector
- JONATHAN WEINBERGExecutive Officer
- DAVID FARNERDirector
- Offering amount
- $450K
- Amount sold
- $450K
- First sale
- Nov 2021
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$42.5MraisedOct 2021 · 15 investors · OtherRule 506(b)
- KIM KECKDirector
- FRANK WILLIAMSExecutive Officer, Director
- BRIDGET DUFFYDirector
- AAMMAAD SHAMSExecutive Officer
- CRAIG BARBAROSHDirector
- STEVE TUTEWOHLExecutive Officer
- DAVID FARNERDirector
- CHERYL SCOTTDirector
- PETER GRUADirector
- DIANE HOLDERDirector
- JONATHAN WEINBERGExecutive Officer
- JOHN JOHNSONExecutive Officer
- MICHAEL D'AMATODirector
- SETH BLACKLEYExecutive Officer
- Offering amount
- $65M
- Amount sold
- $42.5M
- First sale
- Oct 2021
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$1.3MraisedJun 2019 · 18 investors · OtherRule 506(b)
- Jonathan WeinbergExecutive Officer
- Frank WilliamsExecutive Officer, Director
- Bridget DuffyDirector
- Michael D'AmatoDirector
- David FarnerDirector
- Bruce FeltDirector
- Matt HobartDirector
- Diane HolderDirector
- Kenneth SametDirector
- Cheryl ScottDirector
- Seth BlackleyExecutive Officer, Director
- Nicholas McGraneExecutive Officer
- Tom PetersonExecutive Officer
- Lydia StoneExecutive Officer
- Offering amount
- $1.3M
- Amount sold
- $1.3M
- First sale
- Jun 2019
- Incorporated
- Corporation, Delaware, 2014
- Federal exemptions
- 06b
▶$83.2MraisedOct 2018 · 18 investors · OtherRule 506(b)
- Bridget DuffyDirector
- Nicholas McGraneExecutive Officer
- Jonathan WeinbergExecutive Officer
- Michael D'AmatoDirector
- Diane HolderDirector
- Frank WilliamsExecutive Officer, Director
- Lydia StoneExecutive Officer
- David FarnerDirector
- David ThorntonExecutive Officer
- Cheryl ScottDirector
- Matt HobartDirector
- Bruce FeltDirector
- Chad PomeroyExecutive Officer
- Norman PaysonDirector
- Tom PetersonExecutive Officer
- Seth BlackleyExecutive Officer, Director
- Kenneth SametDirector
- Offering amount
- $88.9M
- Amount sold
- $83.2M
- First sale
- Oct 2018
- Incorporated
- Corporation, Delaware, 2014
- Federal exemptions
- 06b
▶$11MraisedNov 2016 · 5 investors · OtherRule 506(c)
- Steve WiggintonExecutive Officer
- Lydia StoneExecutive Officer
- Tom PetersonExecutive Officer
- David ThorntonExecutive Officer
- Cheryl ScottDirector
- Michael KirshbaumDirector
- Nicholas McGraneExecutive Officer
- Jonathan WeinbergExecutive Officer
- David FarnerDirector
- Frank WilliamsExecutive Officer, Director
- Chad PomeroyExecutive Officer
- Diane HolderDirector
- Seth BlackleyExecutive Officer
- Michael D'AmatoDirector
- Norman PaysonDirector
- Kenneth SametDirector
- Matt HobartDirector
- Bruce FeltDirector
- Offering amount
- $11M
- Amount sold
- $11M
- First sale
- Nov 2016
- Incorporated
- Corporation, Delaware, 2014
- Federal exemptions
- 06c
▶$169.1MraisedOct 2016 · 95 investors · OtherRule 506(b)
- Cheryl ScottDirector
- Frank WilliamsExecutive Officer, Director
- Chad PomeroyExecutive Officer
- Matt HobartDirector
- Tom PetersonExecutive Officer
- Jonathan WeinbergExecutive Officer
- Michael KirshbaumDirector
- Diane HolderDirector
- Lydia StoneExecutive Officer
- Seth BlackleyExecutive Officer
- Nicholas McGraneExecutive Officer
- Norman PaysonDirector
- Bruce FeltDirector
- David FarnerDirector
- Kenneth SametDirector
- Michael D'AmatoDirector
- Steve WiggintonExecutive Officer
- David ThorntonExecutive Officer
- Offering amount
- $181.5M
- Amount sold
- $169.1M
- First sale
- Oct 2016
- Incorporated
- Corporation, Delaware, 2014
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Aug 2026Evolent Health is an Arlington, Virginia-based healthcare services company founded in 2011 that works with providers, health systems and risk-bearing organizations to deliver clinical and financial results under value-based care models. Its offering was built around technology-enabled services, advisory support and operating tools for population health management, helping providers get paid for outcomes rather than volume.
The company's platform combines clinical, analytical and financial capabilities, using large data sets to engage patients in their health, supporting risk and financial management, and building operating infrastructure for providers moving away from fee-for-service medicine. Following acquisitions, its scope broadened from general population health enablement to specialty care management, including oncology and cardiology utilization management and clinical workflow integration.
Evolent Health trades publicly under the ticker EVH and reported 5,100 employees as of February 2024.
Founding story
Evolent Health was founded in 2011 in the Washington, D.C. area by Frank Williams and Seth Blackley. Williams was CEO of healthcare consulting firm The Advisory Board Company when he and colleagues concluded that the knowledge gap facing providers under the Affordable Care Act represented an emerging market. The company was conceived before the ACA was passed and launched with a $25 million investment from The Advisory Board Company and the University of Pittsburgh Medical Center. According to Williams, the hardest part of launching was convincing health systems they needed the services; the identity of the backers, rather than the amount raised, gave the company credibility with prospective clients.
Business model
Evolent Health works with health systems, providers and risk-bearing organizations under long-term arrangements, supplying technology-enabled services, advisory support and operating tools rather than software alone. Its model combines clinical workflows, payer services and specialty care management in a single operating model, positioning the company inside the economics of care delivery and generating recurring revenue tied to value-based contracts.
Revenue is described as recurring, generated from enterprise and government healthcare customers through value-based care operations in which payment is tied more to outcomes than to volume.
Traction
Early clients included MedStar Health, IU Health in Indianapolis and Premier Health in Ohio. Headcount grew from close to 400 employees in late 2013 to 5,100 as of February 2024, and the company completed an IPO in 2015 followed by acquisitions of Valence Health and New Century Health.
Latest developments
In 2020 Evolent Health acquired New Century Health, adding specialty care management capabilities in oncology and cardiology utilization management. The company reported 5,100 employees as of February 2024.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Evolent Health is a publicly listed value-based care operator (NYSE: EVH) that moved from early-stage healthcare enablement to a scaled healthcare services platform. It is compared with companies including Vytalize Health, Evidation Health, EvolvedMD and Privia Health.
Evolent Health combines clinical workflows, payer services and specialty care management within one operating model rather than offering pure software or pure services, and its early credibility rested on the backing of The Advisory Board Company and UPMC, a health system its CEO described as a $10 billion organization. Subsequent expansion into oncology and cardiology utilization management deepened its role inside the economics of care delivery.
Technology
Evolent Health applies analytics and large data sets to patient engagement, population health management and risk and financial management, delivered through a platform that integrates clinical workflows, payer services and specialty care management.
Go-to-market
The company sells directly to health systems and risk-bearing provider organizations through long-term contracts, relying on execution and demonstrated client results rather than consumer branding. Early client relationships included MedStar Health in the Washington area, IU Health in Indianapolis and Premier Health in Ohio.
Health systems, physicians, providers and risk-bearing organizations moving into value-based care, including enterprise and government healthcare customers.
Geography
Headquartered in Arlington, Virginia, with a satellite office in San Francisco as of 2013 and staff working remotely alongside clients in cities across the United States; geographic exposure is described as United States.
History
Evolent Health was launched in 2011 with a $25 million investment from The Advisory Board Company and the University of Pittsburgh Medical Center. By late 2013 it had close to 400 employees, occupied two floors at 800 N. Glebe Road in Ballston, Arlington, ran a satellite office in San Francisco, and had announced a $100 million investment from TPG Capital. The company completed an initial public offering in 2015, listing on the NYSE under the ticker EVH, which gave it a stronger balance sheet and greater market visibility. In October 2016 it closed the acquisition of a majority stake in Chicago-based Valence Health for approximately $219.4 million, and in 2020 it acquired New Century Health, moving deeper into oncology and cardiology utilization management and specialty care management.
Risks & controversies
Commentary on the company notes that value-based care economics can appear strong in theory but uneven in practice, leaving investors and clients questioning whether the model holds up at scale. Integration risk following acquisitions is a further concern, since poorly blended systems, clients or care processes can pressure margins and retention.
Compiled by commissioned research from 4 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Founder mafia
4 people who came through Evolent Health went on to found or lead other companies.
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Timeline · 6
launches, deals, and filingsEvolent Health acquired New Century Health, expanding into oncology and cardiology specialty care and utilization management.
Evolent Health acquired a majority stake in Chicago-based value-based care technology company Valence Health for approximately $219.4 million; the transaction closed in October 2016.
$219.4M source ↗
Evolent Health completed its IPO in 2015, listing as a public healthcare services platform (NYSE: EVH).
Evolent occupied two floors of the 800 N. Glebe Road building in Ballston, Arlington, and operated a satellite office in San Francisco.
Evolent Health announced a $100 million investment from TPG Capital.
$100M source ↗
Evolent Health was launched with a $25 million investment from The Advisory Board Company and the University of Pittsburgh Medical Center.
$25M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities · 1
corporate structureIn the news
▸Research sources · 4
primary sources listed
- Evolent Health History: 2011 Start, 2015 IPO, 2020 Shift – Pestel-analysis.compestel-analysis.com · web
4 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Evolent Health do?
- Publicly traded Arlington, Virginia healthcare company delivering clinical and financial results for value-based care providers.
- Who founded Evolent Health?
- Evolent Health was founded by SETH BLACKLEY, FRANK WILLIAMS in 2011.
- Who are Evolent Health's investors?
- Evolent Health's investors include Silver Lake Partners, TPG.
- How much funding has Evolent Health raised?
- Evolent Health has disclosed $534.5M raised across 9 rounds.
- Is Evolent Health publicly traded?
- Yes — Evolent Health trades on NYSE under the ticker EVH.
- Where is Evolent Health headquartered?
- Evolent Health is headquartered in Arlington, US.