New Jersey firm acquires Carmel-based PolicyStat

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PolicyStat LLC, an 11-year-old Carmel-based software-as-a-service company, has been acquired by Bridgewater, New Jersey-based iContracts Inc.

Terms of the deal, announced Thursday, were not disclosed.

PolicyStat, based at 550 Congressional Boulevard, has about 65 employees, with roughly half of those working part time.

PolicyStat provides digital health care document-management services to hospitals, outpatient clinics, labs and integrated health systems.

iContracts, which has more than 65 fulltime employees, is a provider of cloud-based document-management services.

“We are very excited to join forces with iContracts,” said Steve Ehrlich, president of PolicyStat. “Together, we will deliver our customers a cloud-based suite of compliance offerings second to none.”

Ehrlich said PolicyStat Vice President of Client Services Mark Boxberger and Vice President Wes Winham will remain in place at the merged entity.

Ehrlich, Vice President of Business Development Rob Vaughan and Chief Financial Officer Steve Fouty will remain on a temporary basis through the integration period.

The local office is expected to grow after the merger, Ehrlich said.

“iContracts is committed to the Carmel office,” he said. “This combination takes two high-growth companies with complementary products and market strategies, which will be very good for the PolicyStat team. iContracts is very enthusiastic about the team in Carmel.”

PolicyStat ranked as one of IBJ's fastest-growing area companies in 2016, based on growth from 2013 to 2015.

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