[UPDATED] Angel Investor Boosts Indy Start-Up

Press Release

INDIANAPOLIS (January 19, 2010) — HALO Capital Group, an angel investor network managed by technology trade association TechPoint, has invested an undisclosed amount of venture capital in PolicyStat, an Indianapolis-based software-as-a-service (SaaS) startup.

PolicyStat provides a premier policy lifecycle management solution for hospitals and other healthcare facilities, an important element of a healthcare IT strategy. While focused on the healthcare market, the company’s solutions for managing the lifecycle of policies and procedures can easily address important compliance, governance and risk mitigation needs for regulated companies across industries.

HALO (Hoosier Angels Looking for Opportunities) is a group of successful Indiana entrepreneurs seeking to invest in up-and-coming companies, offering capital (typically within the range of $250,000 to $2 million) and management expertise to high-potential start-ups. HALO has invested $12.5 Million in Indiana companies in the last 20 months.

Regardless of the industry, regulation requires demonstrated compliance with standards and the most common way of doing this is through a company’s written policies and procedures. This is particularly true in healthcare fields. In fact, hospital accreditation processes require current and approved policies and procedures.

“PolicyStat is another in a long line of home-grown Indiana companies that have carved out valuable niches in the healthcare information technology space,” said Mark Hill, HALO participant and chair of the TechPoint board of directors. “Beyond healthcare, PolicyStat has a highly diversified potential client base serving a wide range of regulated industries, which is critical for achieving profitability in today’s marketplace.”

Jim Jay, president and CEO of TechPoint and managing director of HALO said “We have great confidence in Steve Ehrlich—whose track record for building profitable, high-growth companies includes executive roles with Software Artistry and Aprimo—and his management team at PolicyStat.”

“This capital infusion represents a milestone that will catapult PolicyStat onto a whole new upward curve of development and productivity,” said Ehrlich. “We offer a sensible, affordable solution that improves quality and consistency of care, enhances staff productivity, and mitigates risk for healthcare organizations. We are grateful for the confidence HALO has shown in us by making this investment, and we look forward to working with this esteemed group of successful entrepreneurs to build a great company for Central Indiana.”

About PolicyStat

PolicyStat LLC is an Indiana-based corporation providing an industry-leading policy lifecycle management solution for healthcare organizations. The PolicyStat solution increases productivity while simultaneously enhancing quality and compliance management. PolicyStat’s Software-as-a-Service (SaaS) offering enables short customer deployment timelines by both minimizing IT staff involvement and providing vital implementation services. For more information please visit our website at: www.policystat.com.

About TechPoint

TechPoint is Indiana’s only statewide technology initiative, representing industry stakeholders including publicly-traded companies, private businesses, colleges and research universities, and local economic development organizations. The group’s mission is to accelerate Indiana’s emerging and vibrant information technology sector by: promoting the successes of information technology companies and professionals; supporting the formation, expansion, and attraction of IT companies; and advocating appropriate public policy. TechPoint is an initiative of the Central Indiana Corporate Partnership. Visit www.techpoint.org.

Source: TechPoint