Acquisition rounds out RLDatix's contract management capabilities and adds comprehensive new functionality to its industry leading solutions
Chicago, Feb. 9, 2021 /PRNewswire/ -- RLDatix, the leading global provider of intelligent patient safety solutions, announced today that it has acquired Brentwood, TN based Ecteon, a best-in-class provider of contract management solutions for healthcare, insurance, life sciences and other industries. This acquisition further rounds out RLDatix's offerings across governance, risk and compliance (GRC), and enhances the company's Applied Safety Intelligence™ framework that is shifting healthcare from reactive risk management to proactive prevention.
Ecteon's Contraxx™ solution helps organizations manage complex contracting processes across multiple legal entities, jurisdictions, and contract types. Its leading functionality streamlines and simplifies complex data while providing critical insights that eliminate costly bottlenecks and inefficiencies.
"The acquisition of Ecteon further demonstrates our leadership in governance, risk and compliance while providing new and exciting functionality to our clients," said Jeff Surges, CEO, RLDatix. "We are thrilled to welcome this pioneer in contract management into the RLDatix family, who for more than three decades has demonstrated remarkable leadership, customer service and innovation."
"We are excited to join forces with RLDatix and to support their mission of improving healthcare," said Richard Eckerstrom, Chief Executive Officer of Ecteon. "This combination provides us with the opportunity to deliver even greater value to our joint clients while providing our team members with new opportunities for career growth. This is a great day for all of our stakeholders."
Ecteon is the latest contract management provider to be acquired by RLDatix, following the 2019 acquisition of iContracts.
"In a highly regulated industry like healthcare, having tools that can help manage rapidly evolving contracting requirements is essential to providing safer care," continued Surges. "Together with RLDatix's already leading contract management capabilities, Ecteon will further enhance our Applied Safety Intelligence framework while driving organizational improvement across the enterprise."
Ecteon is one of the founders of the contract management automation industry and from its beginning until today has been one of the industry's technology leaders. Ecteon's premier enterprise content management system, Contraxx, helps companies manage especially complex or rapidly evolving contracting requirements, often in highly regulated environments. Implemented with Ecteon's Standard Framework best practices structure and incorporating Ecteon's Exxtractor-AI to extract meaning from contracts and Ecteon's Connect-API to link contract data to systems throughout the enterprise, Ecteon's systems increasingly put contract management in a central position in the enterprise knowledge structure. For more information, please visit www.ecteon.com.
RLDatix is on a mission to change healthcare. We help organizations drive safer, more efficient care by providing governance, risk and compliance (GRC) tools that drive overall improvement and safety. Our Applied Safety Intelligence™ (ASI) framework enables stakeholders across the enterprise to have immediate access to a single source of truth for their safety, compliance, and provider data, raising awareness of performance opportunities and interventions needed to mitigate risk and the severity of harm. With over 4,000 customers in 19 countries, RLDatix helps protect patients and health workers around the world. For more information, visit www.rldatix.com.