Three Bridges, NJ, September 8, 2008 – iContracts, a leading provider of solutions for managing corporate commitments, today announced a $4 million investment by the Edison Venture Fund. The proceeds will be used to expand development, marketing and sales.
The iContracts solutions are designed for the unique requirements of Life Sciences manufacturers and distributors. The comprehensive suite of fully integrated solutions manages chargeback, rebate and Medicaid processes. iContracts also complies with government pricing regulations and incentive agreements. John Martinson, Managing Partner, and two Edison Director Network members, will serve on iContract’s Board of Directors. Flint Lane is the CEO of another Edison success, Billtrust. Rob LeClair is a pharma contract expert and CFO of Octagon Research, the leader in FDA submissions. Joining the board from iContracts is president and co-founder, Erik Sieverding and Chief Technology Officer and co-founder, Omar Bey. Leigh Powell, CEO of I-many during the company’s era of rapid growth and successful IPO in 2001, also serves as director. “Edison’s deep pharma business experience and strategic guidance will be instrumental in accelerating the already impressive growth of iContracts,” stated Mr. Powell. “Their value-added services and current portfolio will dramatically accelerate the establishment of partnerships and relationships that will result in rapid adoption of iContracts’ superior solutions.”
“The founders are well respected as innovators and contract management experts,” stated John Martinson. “Customers praised their streamlined features and exceptional service,” added Rob Finn. Edison has invested in 15 Pharma Business Solutions companies. Successful exits include Dendrite, Innaphase, Marcam, POMS and Taratec. Active portfolio companies include Cadient, CambridgeSoft, Health Market Science, Octagon, Sela2, Sentrx, Systech and Verilogue.
About iContracts
iContracts delivers solutions for managing contracts that are faster, easier and less expensive to implement. This mantra is reflected in everything we do. Our software is far 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 is backed by highly evolved data architecture – built by technologists with considerable and unique experience in building contract management solutions for the Life Sciences industry. This deep understanding and straightforward approach shows in everything we do. iContracts’ comprehensive suite of solutions manages all aspects of a Life Science company’s chargeback, rebate and Medicaid processes as well as other incentive agreements and Government Pricing compliance at all levels. Our solutions are enterprise-class and can be 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.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $4 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases. Edison’s investment professionals are based in Lawrenceville, NJ, McLean, VA, New York, NY, Needham, MA and West Chester, PA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison’s successes include Axent, Best Software, E-Transport, InSoft, Liberty Tax, MathSoft, VirtualEdge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. For more information, please visit www.edisonventure.com.