PolicyStat President Steve Ehrlich has told me more than once that his company is boring. Of course, he was mostly joking each time he said it. Steve and the 65 PolicyStat employees are passionate about what they do and very proud of the award-winning, “Best Places to Work” company they have built.
His point was that PolicyStat’s cloud based policy lifecycle management solutions fall more into the “things people need” column rather than things people desire. PolicyStat has also followed a more conservative, less flashy (for a tech startup/scale-up) path over the past 10 years, despite posting double- and triple-digit growth over consecutive years, and being ranked one of the area’s fastest-growing companies by Indianapolis Business Journal just last year.
Things definitely got interesting for PolicyStat this month. On May 4, New Jersey-based iContracts announced it is acquiring PolicyStat for an undisclosed amount. iContracts is a leading provider of cloud-based contract, compliance, and revenue management solutions. A press release describes the union as creating a unique entity focused on helping companies manage the most critical aspects of any business — revenue management, contract management, and compliance across these and many other high risk business processes.
PolicyStat’s software manages and disseminates “the playbook” of policies, procedures, and other vital information, making it as easy to access as a Google search. It’s also device agnostic so employees can access what they need from any computer, tablet or smartphone. iContracts’ software delivers better solutions for managing contracts that are faster, easier and less expensive to implement.
“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.”
“In addition to being customer focused, PolicyStat has done a spectacular job of fostering an environment for employees that values teamwork, respect, and dedication, attributes that have fueled incredible product innovation, customer responsiveness, and rapid company growth as clearly reflected in an extremely satisfied customer base currently in excess of 1,100 facilities. We welcome the employees and customers of PolicyStat to the iContract’s family and look forward to growing together.”