all of the shares issued in the ipo were primary shares offered by us as none of our stockholders sold any shares in the ipo . the offering price of the shares sold in the ipo was $ 27.00 per share , resulting in net proceeds to us , after underwriters ' discounts and commissions and other expenses payable by us , of $ 639.1 million . our class a common stock is currently traded on the nasdaq global select market under the symbol `` inov . `` on september 1 , 2015 , pursuant to the terms of a share purchase agreement between the company and avalere ( the `` purchase agreement `` ) , we acquired 100 percent of the capital stock of avalere for an aggregate stated purchase price of $ 140.0 million , consisting of cash and 235,737 shares of the company 's class a common stock which are subject to resale restrictions . the addition of avalere , with its more than 200 pharmaceutical and life sciences clients , as well as an extensive array of client relationships with payors , providers and research institutions , is expected to expand our capabilities and client base into the expansive and adjacent markets of the pharmaceutical and life sciences industry . we incurred transaction costs in connection with the acquisition of approximately $ 1.5 million , which are included in general and administrative expenses . see note 3 ( business combinations ) , included elsewhere within this annual report on form 10-k for more information . during 2015 inovalon announced the introduction of data diagnostics to the healthcare marketplace . this technology provides a suite of hundreds of patient-specific analyses that can be ordered individually by clinicians on demand with the answer provided within secondsall without leaving the clinician 's workflow . the capability leverages vast amounts of data across billions of medical events , interconnectivity , and high-speed cloud-based analytics to allow physician organizations , health 56 plans , accountable care organizations ( acos ) , hospitals , integrated healthcare delivery systems , aso employer groups , government programs , and individual physicians to achieve valuable clinical insights , strong clinical and quality outcomes , utilization efficiency , and overall financial performance on demand and in real time . the technology is delivered in collaboration with quest diagnostics , the nation 's largest laboratory organization , providing large-scale distribution to clinicians through quest 's more than 200,000 care360® provider portal installations and more than 400 integrated ehr platforms serving approximately half of the physicians and hospitals in the united states . during 2015 inovalon invested significant resources as part of the development and anticipated operation and support of data diagnostics . while still in the early stages of this platform 's introduction , initial feedback from the marketplace has been very positive . key metrics we review a number of metrics , including the key metrics shown in the table below . we believe that these metrics are indicative of our overall level of analytical activity and the underlying growth in our business . ( in thousands , except percentages ) replace_table_token_8_th ( 1 ) more 2 registry® dataset metrics , and trailing 12 month patient analytics months ( pam ) , each of which is presented in the table , are key operating metrics that management uses to assess our level of operational activity . while we believe that each of these metrics is indicative of our overall level of analytical activity and the underlying growth in our business , increases or decreases in these metrics do not necessarily correlate to proportional increases or decreases in revenue , adjusted ebitda , net income or non-gaap net income . for instance , although increased levels of analytical activity historically have corresponded to increases in revenue over the long term , differences in fees charged for different analytical packages exist and differences in how analytics trigger the applicability of our data-driven intervention platforms may result in increases in analytical activity that do not result in proportional increases in revenue , adjusted ebitda , net income or non-gaap net income ( and vice versa ) . accordingly , while we believe the presentation of these operating metrics is helpful to investors in understanding our business , these metrics have limitations and should not be considered as substitutes for analysis of our financial results reported under gaap . in addition , we believe that other companies , including companies in our industry , do not present similar operating metrics and that there is no commonly accepted method of calculating these metrics , which may reduce their usefulness as comparative measures . ( 2 ) unique patient count is defined as each unique , longitudinally matched , de-identified natural person represented in our more 2 registry® as of the end of the period presented . 57 ( 3 ) medical event count is defined as the total number of discrete medical events as of the end of the period presented ( for example , a discrete medical event typically results from the presentation of a patient to a physician for the diagnosis of diabetes and congestive heart failure in a single visit , the presentation of a patient to an emergency department for chest pain , etc . ) . ( 4 ) patient analytics months , or pam , is defined as the sum of the analytical processes performed on each respective patient within patient populations covered by clients under contract . as used in the metric , an `` analytical process `` is a distinct set of data calculations undertaken by us which is initiated and completed by our analytical platform to examine a specific question such as whether a patient is believed to have a condition such as diabetes , or worsening of the disease , during a specific time period . ( 5 ) revenue mix excludes advisory services . story_separator_special_tag results of operations the following tables set forth our consolidated statement of operations data for each of the periods presented ( in thousands ) : replace_table_token_10_th 63 the following table sets forth our consolidated statement of operations data for each of the periods presented as a percentage of revenue : replace_table_token_11_th years ended december 31 , 2015 , 2014 , and 2013 revenue replace_table_token_12_th 2015 compared with 2014. revenue during the year ended december 31 , 2015 increased by approximately $ 75.7 million , or 21 % , as compared with the year ended december 31 , 2014. the increase was primarily attributable to an increase in revenue from new clients of $ 36.0 million along with a net increase of $ 39.7 million from existing clients . revenue for 2015 includes $ 17.5 million related to the acquisition of avalere . 2014 compared with 2013. revenue during the year ended december 31 , 2014 increased by approximately $ 65.7 million , or 22 % , as compared with the year ended december 31 , 2013. the increase was primarily attributable to an increase in revenue from new clients of $ 50.5 million along with a net increase of $ 15.2 million from existing clients . 64 cost of revenue replace_table_token_13_th 2015 compared with 2014. in 2015 , cost of revenue increased by approximately $ 33.4 million , or 30 % , compared with the year ended december 31 , 2014. the increase in cost of revenue was primarily due to the corresponding increase in revenue of $ 75.7 million or 21 % , during the period and also resulted from an increase in employee-related expenses related partially to the newly acquired data-driven advisory services service line and a greater volume of data-driven intervention platform services as a percentage of total revenue . cost of revenue as a percentage of revenue was 33 % in 2015 compared to 31 % in 2014 . 2014 compared with 2013. in 2014 , cost of revenue decreased by approximately $ 7.3 million , or 6 % , as compared to the year ended december 31 , 2013 , despite the increase in revenue of approximately $ 65.7 million or 22 % , over the same period . the $ 7.3 million decrease in cost of revenue was primarily due to a reduction in employee related expenses . the reduction in employee related expenses was primarily enabled by advances in our technology platform efficiency and a shift in revenue mix towards a greater proportion of analytics versus data-driven intervention services , as well as a greater proportion of automation within the data-driven intervention services mix . cost of revenue as a percentage of revenue was 31 % in 2014 compared to 41 % in 2013. sales and marketing replace_table_token_14_th 2015 compared with 2014. in 2015 , sales and marketing expenses increased by approximately $ 7.5 million , or 106 % , compared to 2014. the increase was primarily attributable to increased employee related expenses of approximately $ 6.5 million , and marketing program spend of approximately $ 1.0 million , both of which was driven by our investment in additional sales personnel to focus on adding new clients and capturing an increased amount of our market opportunity , as well as the addition of the sales and marketing personnel acquired with avalere . 2014 compared with 2013. in 2014 , sales and marketing expenses increased by $ 1.2 million , or 20 % , compared to 2013. the increase primarily was attributable to an increase in employee-related costs . 65 research and development replace_table_token_15_th 2015 compared with 2014. in 2015 , research and development expenses decreased $ 2.8 million as a result of incremental capitalization of internally developed software efforts related to our on-going investment in platform and product innovation , and was partially offset by an increase of $ 2.0 million , which includes $ 1.0 million attributable to stock based compensation expense , attributable to an increase in employee related expenses and professional fees . 2014 compared with 2013. in 2014 , research and development expense increased by $ 1.9 million , or 9 % , compared to 2013. the increase was attributable to our on-going investment in innovation and platform development . general and administrative replace_table_token_16_th 2015 compared with 2014. in 2015 , general and administrative expense increased by approximately $ 26.5 million , or 30 % , compared with 2014. throughout the second half of 2014 and throughout 2015 , we increased our investment in incremental personnel to support our growth and our transition from a private to a public company . our investment resulted in an increase in employee related costs of $ 22.4 million , which includes an increase of approximately $ 3.1 million related to stock-based compensation expense and an increase of $ 7.5 million related to our growth and expansion . in addition , general and administrative expenses for 2015 includes incremental expenses that are not comparable to the prior year , comprised of $ 1.5 million for acquisition-related transaction costs , $ 2.9 million of post-acquisition contingent consideration expense related to the acquisition of avalere , and $ 0.7 million for employer taxes related to stock option awards exercised by employees . the increases in general and administrative expenses for 2015 were partially offset by capitalization of internal-use software development costs of $ 1.0 million compared to the prior period . 2014 compared with 2013. in 2014 , general and administrative expense increased by approximately $ 7.9 million , or 10 % , compared to 2013. the increase was primarily attributable to an increase in employee-related costs of $ 4.2 million , which includes an increase of approximately $ 1.1 million related to stock based compensation expense , professional fees of $ 1.8 million , occupancy costs of $ 1.1 million , and software licensing and maintenance expenses of $ 0.5 million . 66 depreciation and amortization replace_table_token_17_th 2015 compared with 2014. in 2015 ,

debt on september 19 , 2014 , we and our subsidiaries entered into a credit and guaranty agreement with a group of lenders including goldman sachs bank usa , as administrative agent ( the `` credit agreement '' ) . the terms of the credit agreement provide for credit facilities in the aggregate maximum principal amount of $ 400.0 million , consisting of a senior unsecured term loan facility in the original principal amount of $ 300,000 ( the `` term loan facility '' ) and a senior unsecured revolving credit facility in the maximum principal amount of $ 100,000 ( the `` revolving credit facility '' and , together with the term loan facility , the `` credit facilities '' ) . proceeds of the revolving credit facility may be used for our working capital and general corporate purposes . the obligations under the credit facilities are guaranteed by our domestic , wholly owned subsidiaries . the credit facilities contain customary affirmative and negative covenants , including limitations on negative pledges and liens . in addition , under the credit agreement , we are required to maintain certain minimum liquidity levels ( $ 50.0 million while the term loan facility remains available , or , if the term loan facility has been repaid , $ 20.0 million ) , measured at the end of each of our fiscal quarters . in addition , our ability to incur debt is subject to compliance with a 4.00 to 1.00 leverage ratio under certain circumstances . the credit agreement also contains certain mandatory prepayment requirements in connection with certain assets sales and customary events of default , including as a result of certain specified change of control events . as of , and during , the year ended december 31 , 2015 , the company was in compliance with the financial covenants under the credit agreement . term loan facility we utilized the entire principal amount of the term loan facility to redeem approximately 8.33 % of our class b common stock on a pro rata basis in september 2014. as of december 31 , 2015 , the principal amount outstanding under the term loan facility was $ 281.3 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt on september 19 , 2014 , we and our subsidiaries entered into a credit and guaranty agreement with a group of lenders including goldman sachs bank usa , as administrative agent ( the `` credit agreement '' ) . the terms of the credit agreement provide for credit facilities in the aggregate maximum principal amount of $ 400.0 million , consisting of a senior unsecured term loan facility in the original principal amount of $ 300,000 ( the `` term loan facility '' ) and a senior unsecured revolving credit facility in the maximum principal amount of $ 100,000 ( the `` revolving credit facility '' and , together with the term loan facility , the `` credit facilities '' ) . proceeds of the revolving credit facility may be used for our working capital and general corporate purposes . the obligations under the credit facilities are guaranteed by our domestic , wholly owned subsidiaries . the credit facilities contain customary affirmative and negative covenants , including limitations on negative pledges and liens . in addition , under the credit agreement , we are required to maintain certain minimum liquidity levels ( $ 50.0 million while the term loan facility remains available , or , if the term loan facility has been repaid , $ 20.0 million ) , measured at the end of each of our fiscal quarters . in addition , our ability to incur debt is subject to compliance with a 4.00 to 1.00 leverage ratio under certain circumstances . the credit agreement also contains certain mandatory prepayment requirements in connection with certain assets sales and customary events of default , including as a result of certain specified change of control events . as of , and during , the year ended december 31 , 2015 , the company was in compliance with the financial covenants under the credit agreement . term loan facility we utilized the entire principal amount of the term loan facility to redeem approximately 8.33 % of our class b common stock on a pro rata basis in september 2014. as of december 31 , 2015 , the principal amount outstanding under the term loan facility was $ 281.3 million .
```    
 Suspicious Activity Report : all of the shares issued in the ipo were primary shares offered by us as none of our stockholders sold any shares in the ipo . the offering price of the shares sold in the ipo was $ 27.00 per share , resulting in net proceeds to us , after underwriters ' discounts and commissions and other expenses payable by us , of $ 639.1 million . our class a common stock is currently traded on the nasdaq global select market under the symbol `` inov . `` on september 1 , 2015 , pursuant to the terms of a share purchase agreement between the company and avalere ( the `` purchase agreement `` ) , we acquired 100 percent of the capital stock of avalere for an aggregate stated purchase price of $ 140.0 million , consisting of cash and 235,737 shares of the company 's class a common stock which are subject to resale restrictions . the addition of avalere , with its more than 200 pharmaceutical and life sciences clients , as well as an extensive array of client relationships with payors , providers and research institutions , is expected to expand our capabilities and client base into the expansive and adjacent markets of the pharmaceutical and life sciences industry . we incurred transaction costs in connection with the acquisition of approximately $ 1.5 million , which are included in general and administrative expenses . see note 3 ( business combinations ) , included elsewhere within this annual report on form 10-k for more information . during 2015 inovalon announced the introduction of data diagnostics to the healthcare marketplace . this technology provides a suite of hundreds of patient-specific analyses that can be ordered individually by clinicians on demand with the answer provided within secondsall without leaving the clinician 's workflow . the capability leverages vast amounts of data across billions of medical events , interconnectivity , and high-speed cloud-based analytics to allow physician organizations , health 56 plans , accountable care organizations ( acos ) , hospitals , integrated healthcare delivery systems , aso employer groups , government programs , and individual physicians to achieve valuable clinical insights , strong clinical and quality outcomes , utilization efficiency , and overall financial performance on demand and in real time . the technology is delivered in collaboration with quest diagnostics , the nation 's largest laboratory organization , providing large-scale distribution to clinicians through quest 's more than 200,000 care360® provider portal installations and more than 400 integrated ehr platforms serving approximately half of the physicians and hospitals in the united states . during 2015 inovalon invested significant resources as part of the development and anticipated operation and support of data diagnostics . while still in the early stages of this platform 's introduction , initial feedback from the marketplace has been very positive . key metrics we review a number of metrics , including the key metrics shown in the table below . we believe that these metrics are indicative of our overall level of analytical activity and the underlying growth in our business . ( in thousands , except percentages ) replace_table_token_8_th ( 1 ) more 2 registry® dataset metrics , and trailing 12 month patient analytics months ( pam ) , each of which is presented in the table , are key operating metrics that management uses to assess our level of operational activity . while we believe that each of these metrics is indicative of our overall level of analytical activity and the underlying growth in our business , increases or decreases in these metrics do not necessarily correlate to proportional increases or decreases in revenue , adjusted ebitda , net income or non-gaap net income . for instance , although increased levels of analytical activity historically have corresponded to increases in revenue over the long term , differences in fees charged for different analytical packages exist and differences in how analytics trigger the applicability of our data-driven intervention platforms may result in increases in analytical activity that do not result in proportional increases in revenue , adjusted ebitda , net income or non-gaap net income ( and vice versa ) . accordingly , while we believe the presentation of these operating metrics is helpful to investors in understanding our business , these metrics have limitations and should not be considered as substitutes for analysis of our financial results reported under gaap . in addition , we believe that other companies , including companies in our industry , do not present similar operating metrics and that there is no commonly accepted method of calculating these metrics , which may reduce their usefulness as comparative measures . ( 2 ) unique patient count is defined as each unique , longitudinally matched , de-identified natural person represented in our more 2 registry® as of the end of the period presented . 57 ( 3 ) medical event count is defined as the total number of discrete medical events as of the end of the period presented ( for example , a discrete medical event typically results from the presentation of a patient to a physician for the diagnosis of diabetes and congestive heart failure in a single visit , the presentation of a patient to an emergency department for chest pain , etc . ) . ( 4 ) patient analytics months , or pam , is defined as the sum of the analytical processes performed on each respective patient within patient populations covered by clients under contract . as used in the metric , an `` analytical process `` is a distinct set of data calculations undertaken by us which is initiated and completed by our analytical platform to examine a specific question such as whether a patient is believed to have a condition such as diabetes , or worsening of the disease , during a specific time period . ( 5 ) revenue mix excludes advisory services . story_separator_special_tag results of operations the following tables set forth our consolidated statement of operations data for each of the periods presented ( in thousands ) : replace_table_token_10_th 63 the following table sets forth our consolidated statement of operations data for each of the periods presented as a percentage of revenue : replace_table_token_11_th years ended december 31 , 2015 , 2014 , and 2013 revenue replace_table_token_12_th 2015 compared with 2014. revenue during the year ended december 31 , 2015 increased by approximately $ 75.7 million , or 21 % , as compared with the year ended december 31 , 2014. the increase was primarily attributable to an increase in revenue from new clients of $ 36.0 million along with a net increase of $ 39.7 million from existing clients . revenue for 2015 includes $ 17.5 million related to the acquisition of avalere . 2014 compared with 2013. revenue during the year ended december 31 , 2014 increased by approximately $ 65.7 million , or 22 % , as compared with the year ended december 31 , 2013. the increase was primarily attributable to an increase in revenue from new clients of $ 50.5 million along with a net increase of $ 15.2 million from existing clients . 64 cost of revenue replace_table_token_13_th 2015 compared with 2014. in 2015 , cost of revenue increased by approximately $ 33.4 million , or 30 % , compared with the year ended december 31 , 2014. the increase in cost of revenue was primarily due to the corresponding increase in revenue of $ 75.7 million or 21 % , during the period and also resulted from an increase in employee-related expenses related partially to the newly acquired data-driven advisory services service line and a greater volume of data-driven intervention platform services as a percentage of total revenue . cost of revenue as a percentage of revenue was 33 % in 2015 compared to 31 % in 2014 . 2014 compared with 2013. in 2014 , cost of revenue decreased by approximately $ 7.3 million , or 6 % , as compared to the year ended december 31 , 2013 , despite the increase in revenue of approximately $ 65.7 million or 22 % , over the same period . the $ 7.3 million decrease in cost of revenue was primarily due to a reduction in employee related expenses . the reduction in employee related expenses was primarily enabled by advances in our technology platform efficiency and a shift in revenue mix towards a greater proportion of analytics versus data-driven intervention services , as well as a greater proportion of automation within the data-driven intervention services mix . cost of revenue as a percentage of revenue was 31 % in 2014 compared to 41 % in 2013. sales and marketing replace_table_token_14_th 2015 compared with 2014. in 2015 , sales and marketing expenses increased by approximately $ 7.5 million , or 106 % , compared to 2014. the increase was primarily attributable to increased employee related expenses of approximately $ 6.5 million , and marketing program spend of approximately $ 1.0 million , both of which was driven by our investment in additional sales personnel to focus on adding new clients and capturing an increased amount of our market opportunity , as well as the addition of the sales and marketing personnel acquired with avalere . 2014 compared with 2013. in 2014 , sales and marketing expenses increased by $ 1.2 million , or 20 % , compared to 2013. the increase primarily was attributable to an increase in employee-related costs . 65 research and development replace_table_token_15_th 2015 compared with 2014. in 2015 , research and development expenses decreased $ 2.8 million as a result of incremental capitalization of internally developed software efforts related to our on-going investment in platform and product innovation , and was partially offset by an increase of $ 2.0 million , which includes $ 1.0 million attributable to stock based compensation expense , attributable to an increase in employee related expenses and professional fees . 2014 compared with 2013. in 2014 , research and development expense increased by $ 1.9 million , or 9 % , compared to 2013. the increase was attributable to our on-going investment in innovation and platform development . general and administrative replace_table_token_16_th 2015 compared with 2014. in 2015 , general and administrative expense increased by approximately $ 26.5 million , or 30 % , compared with 2014. throughout the second half of 2014 and throughout 2015 , we increased our investment in incremental personnel to support our growth and our transition from a private to a public company . our investment resulted in an increase in employee related costs of $ 22.4 million , which includes an increase of approximately $ 3.1 million related to stock-based compensation expense and an increase of $ 7.5 million related to our growth and expansion . in addition , general and administrative expenses for 2015 includes incremental expenses that are not comparable to the prior year , comprised of $ 1.5 million for acquisition-related transaction costs , $ 2.9 million of post-acquisition contingent consideration expense related to the acquisition of avalere , and $ 0.7 million for employer taxes related to stock option awards exercised by employees . the increases in general and administrative expenses for 2015 were partially offset by capitalization of internal-use software development costs of $ 1.0 million compared to the prior period . 2014 compared with 2013. in 2014 , general and administrative expense increased by approximately $ 7.9 million , or 10 % , compared to 2013. the increase was primarily attributable to an increase in employee-related costs of $ 4.2 million , which includes an increase of approximately $ 1.1 million related to stock based compensation expense , professional fees of $ 1.8 million , occupancy costs of $ 1.1 million , and software licensing and maintenance expenses of $ 0.5 million . 66 depreciation and amortization replace_table_token_17_th 2015 compared with 2014. in 2015 ,

