May 18, 2017
Indianapolis, IN – We are pleased to announce that PolicyStat, LLC, an industry-leading provider of cloud-based policy lifecycle management solutions, is exiting the Elevate Ventures portfolio after being acquired by New Jersey-based iContracts.
Founded in 2007, PolicyStat launched with a mission to offer healthcare providers with better technology-based policy management solutions than what previously existed in the industry. In that first year, PolicyStat brought on its first employee, Steve Ehrlich, to serve as president, who remained in that role through the iContracts acquisition. Ehrlich previously spent over 25 years in various executive roles building high-growth software companies in Chicago and Indianapolis, including Software Artistry and Aprimo.
Beginning in 2009, under Ehrlich’s leadership, PolicyStat started a string of consecutive quarters with an expanding customer base and increasing revenues. That early growth attracted investment interest from HALO Capital Group and other individual investors. In September 2010, PolicyStat also joined the Elevate Ventures investment portfolio.
“Elevate Ventures is pleased to congratulate Steve Ehrlich, his team and fellow investors on a successful transition to a new partner that recognized the value of what PolicyStat has built over the past several years,” said Chris LaMothe, chief executive officer at Elevate Ventures. “This is a great Indiana example of entrepreneurial passion, perseverance, leadership and hard work.”
Ehrlich and the executive team he assembled built a company culture that always put customers first, placed a premium on employee engagement, was active in its community and focused on delivering a return to its shareholders. Those factors, along with PolicyStat’s singular concentration on serving the healthcare market, are what Ehrlich credits as the primary drivers of the company’s success.
PolicyStat’s success – and its innovative software product, high-quality workplace environment and steady growth rate – did not go unnoticed.
- PolicyStat won two Techpoint Mira Awards (dubbed the Best of Tech) for Health & Life Sciences Gazelle Company (2011) and Health Information Technology Excellence & Innovation (2014).
- In 2014, 2015 and 2016, the company was recognized in the Indiana Chamber of Commerce’s 100 Best Places to Work in Indiana for Small Companies.
- In 2015 and 2016, PolicyStat made the Inc. 5000 List, an annual ranking of the fastest-growing private companies in America.
- In 2016, the company was named to Indianapolis Business Journal’s Fast 25, annually recognizing the fastest growing private companies in Indianapolis.
On May 4, 2017, it was announced that iContracts, a leading provider of cloud-based contract, compliance and revenue management solutions, would acquire PolicyStat, combining two rapidly growing companies with complementary product offerings. PolicyStat was represented in the transaction by Navidar Group and Faegre Baker Daniels.
“We are very excited to join forces with iContracts,” noted Ehrlich. “Together, we will deliver our customers a cloud-based suite of compliance offerings second to none. This combination also gives our employees real prospects for career growth as we expand our market presence and grow our product offerings. This is a great day for all of our stakeholders.”
Those stakeholders include PolicyStat’s customers, employees, community and shareholders.
”We are also grateful to the State of Indiana and Elevate Ventures for the financial investment and the support we have received over the years. The money we received from the 21 Fund came at a critical point in our history, and the guidance that came along with it was indispensable,” said Ehrlich. “This is truly an Indiana success story.”
iContracts’ goal is simple – to deliver better solutions for managing contracts that are faster, easier and less expensive to implement. This mantra is reflected in everything we do. Our software is generations ahead of other solutions, powered by a Simplified Common User Interface (SCUI) that makes every user an “expert” by learning just two simple, reusable views and backed by the most highly evolved data architecture in the industry – built by technologists with considerable and unique experience in building contract management solutions. This deep understanding and straightforward approach shows in everything we do. Our solutions are enterprise-class and can be quickly and easily integrated with any off-the-shelf or custom system to meet exacting business requirements without the army of consultants and endless fees associated with other products and providers. For more information, please visit www.icontracts.com.
PolicyStat provides industry-leading policy management software for the healthcare market with customers including hospitals, labs, ambulatory surgery centers, integrated health networks, and a host of other facility types across several markets. PolicyStat’s cloud-based application helps increase productivity, enhance quality of care and ensure compliance. As a true Software-as-a-Service (SaaS) offering, PolicyStat’s policy lifecycle management offering delivers enterprise-class availability and is accessible on any internet-connected device. PolicyStat also provides comprehensive implementation services to enable short customer deployment timelines with minimal IT staff involvement. For more information, please visit our website at www.policystat.com.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. Click to learn more about Elevate Ventures.