RARITAN, NJ – October 19, 2009 – iContracts, Inc., leader of a new generation of on-demand contract management solutions, today announced that A. Leigh Powell has joined the company as Chief Executive Officer. Mr. Powell, a 25-year software industry veteran and contract management visionary was most recently CEO of PCHelps LLC, the leading provider of packaged PC application software and mobile device support to the Fortune 500. He is also a past recipient of the MESDA CEO of the year award and a Massachusetts High Technology magazine “High Tech All-Star” for his efforts as the CEO of I-many, Inc.™ Mr. Powell led I-many through a successful IPO in 2001 and grew the company to nearly $60 million in sales in less than 4 years. He started his career with Accenture where he spent 10 years architecting and launching enterprise software offerings for the process and energy industries.
“From 1997 to 2005, I was fortunate to have been surrounded by a tremendous team of professionals with great vision and commitment to client success. Together, we built what once was by far the largest and most successful Contract Management company in the world as well as the only company of its kind to enter the public markets”, commented Mr. Powell. “Over the past several years, I have observed a serious erosion of leadership in the Contract Management space and virtually no meaningful product innovations to progress the value proposition of what should be a key point of focus for companies across the globe. In joining iContracts as its CEO, I am thrilled to be reunited with many of the outstanding individuals who helped legitimize Contract Management as a fundamental business process essential to maximizing the value of trading partner relationships and ensuring compliance in both the public and private domains. iContracts has the right products, technology, and intellectual capital to not only reinvigorate the promise of Contract Management but insure that all companies have access to superior technology solutions on-demand or behind their corporate firewalls, at a fraction of the price of other solutions.”
John Martinson, managing partner of Edison Venture Fund, lead investor in iContracts, noted “Leigh brings a wealth of experience and track record of success to iContracts as they prepare for their next phase of explosive growth. With his addition to the team, iContracts is well positioned to further its penetration into the Life Sciences industry with products and services that are rapidly establishing iContracts as a leader.”
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 a 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 visitwww.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 $5 to 8 million. Edison typically serves as the 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 and Needham, MA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison’s successes include Best Software, Dendrite, E-transport, Gain Capital, MathSoft, POMS, Princeton Financial, Vocus, Virtual Edge 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.
www.edisonventure.com
iContracts Media Contact:
Anne Ambrosio
iContracts, Inc.
Tel: 908-393-9550
aambrosio@icontracts.com