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SALT LAKE CITY – Health Catalyst, Utah's new technology unicorn, was released Thursday after raising $ 182 million from the sale of 7 million shares at $ 26 per share.
In corporate culture, "unicorns" are what techies and investors have started calling private start-ups valued at $ 1 billion or more. Health Catalyst of Salt Lake City earned this distinction in early February after a $ 100 million round.
A few months later, however, Health Catalyst filed a first public offer and lost its "unicorn" status as soon as it was officially released on Thursday morning. The company performed particularly well at the beginning of trading: its initial shares were priced at $ 26 and its current shares are now trading at close to $ 38 as of Thursday morning.
Health Catalyst trades under the symbol HCAT on the NASDAQ. The value of the company is approximately $ 1.5 billion.
Health Catalyst is Utah's third technology company to go public in just over a year. The technology companies Pluralsight and Domo went public in May and June, leaving the sole official unicorn of InsideSales.com (Utah) after the acquisition of Qualtrics by SAP for a record $ 8 billion.
Founded in 2008 by two Intermountain Medical Information Technology employees, this 11-year-old company really took off in 2011. The Health Catalyst software essentially allows healthcare professionals to quickly aggregate and badyze. data to better understand their patients and their health.
The health care sector has just undergone a digital revolution, Health Catalyst CEO Dan Burton told KSL.com in February. Until a few years ago, most patient data was all on paper. It's much harder to badyze the data when it's on paper, he said.
With digitized data, a physician can get a better idea of the patient's medical history and see patterns or patterns they may not have seen before.
"I think the next 10 or 15 years will be about harnessing this valuable data to identify thousands of opportunities for clinical, financial and operational improvement," Burton said in February. "We have a vast mission that will take decades to complete … and, God, we're just scratching the surface."
This article will be updated.
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