Five Arrows and TA Associates-owned RLDatix to buy iContracts

RLDatix has agreed to acquire iContracts, a Bridgewater, New Jersey-based provider of contract, policy and revenue management solutions to the healthcare and life sciences industries.

Terms weren’t released for the deal, which is expected to close in the weeks ahead.

RLDatix, a patient safety software platform based in Toronto and London, the United Kingdom, said the deal broadens its reach in the governance, risk management and compliance space.

RLDatix, owned by Five Arrows Principal Investments and TA Associates, was formed last year with the merger of RL Solutions and Datix.

Susquehanna Growth Equity, which backs iContracts, will become an investor in the combined business.

PRESS RELEASE

RLDatix to Acquire iContracts

Acquisition furthers RLDatix’s mission and catalyzes its entry into the broader governance, risk management and compliance (GRC) space

TORONTO, CHICAGO, and LONDON, May 13, 2019 /CNW/ – RLDatix, a leading provider of solutions that drive patient safety, quality improvement, and harm reduction in healthcare, announced today that it has entered into a definitive agreement to acquire iContracts. Pioneers in contract, policy, and revenue management, iContracts’ comprehensive suite of cloud-based solutions help healthcare organizations manage risk and compliance, and life sciences organizations navigate complex revenue management processes.

The acquisition brings together the richness of the RLDatix patient safety platform with iContracts’ leading policy management capabilities to allow organizations, for the first time, to take action on the root causes of incidents via the implementation of policies and procedures that are dynamic in nature.

“We are thrilled to be joining forces with iContracts,” said Jeff Surges, CEO, RLDatix. “iContracts has always been at the forefront of contract, policy and revenue management, and its products lead the pack when it comes to capabilities and ROI. Bringing its offerings into the fold will allow us to serve a broader set of customer challenges while helping to realize our mission of becoming a global solutions provider in the governance, risk management and compliance space.”

“iContracts has always prided itself on building easy-to-use, scalable, and innovative tools to drive value for our customers,” said Leigh Powell, CEO, iContracts. “As we move into this new and exciting chapter, I couldn’t be more grateful to the entire iContracts team for their accomplishments over the years. I am confident that together with RLDatix, we will be a driving force for safer and more efficient healthcare around the world.”

In addition to linking learning opportunities from patient safety root cause analyses to dynamic policies, iContracts’ contract and revenue management businesses broaden RLDatix’s reach into the GRC space, furthering the company’s global mission of providing platforms that drive improvement and efficiencies in healthcare.

RLDatix is jointly controlled by Five Arrows Principal Investments / Five Arrows Capital Partners and TA Associates, and as part of the transaction, Susquehanna Growth Equity becomes a shareholder in the combined business. In addition, the iContracts management team, including CEO Leigh Powell, will remain intact.

The transaction is pending final approvals, which will be completed in the coming weeks.

About iContracts

iContracts’ goal is simple – to deliver better solutions for managing contracts, policies, and the revenue cycle that are faster, easier and less expensive to implement. 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.

About RLDatix

RLDatix is a driving force for innovation in patient safety. Bringing together the best of RL Solutions and Datix, the company leverages more than three decades of global expertise dedicated to making healthcare safer. RLDatix is the world’s largest software company focused exclusively on patient safety, with more than 3,000 customers in 19 countries around the globe. For more information, visit www.rldatix.com.

For further information: Mike Etzinger, VP, Marketing, RLDatix, metzinger@rldatix.com, 617-913-3241