PEP Portfolio Company Medical Indicators Announce Appointment of New CEO and NJ Business of the Year Award

February 2022 – Medical Indicators, Inc. (“MII”), is pleased to announce the appointment of Ajey Atre as its new Chief Executive Officer. Mr. Atre has spent the majority of his career within the Medical Device and Medical Products industry, serving as COO, Chief Strategy and Chief Marketing Officer at previous firms. “Since first meeting Ajey, it was clear that he had the expertise, drive, and leadership skills to propel the growth of MII” said Paul Yeoham, Partner at Progress Equity Partners. “Ajey’s extensive experience within strategy, operations, and product innovation makes him the ideal partner to guide MII through a transformational time. We also want to thank retiring CEO Joel Welde who led the company through unprecedented pandemic-driven growth with an unwavering dedication to quality and customer satisfaction.”

Exemplifying the company’s commitment to excellence, Medical Indicators was recently named the 2021 Business of the Year in the 51-100 employee category by NJ BIZ. The award honors companies that strive for excellence and  contribute to New Jersey’s economic growth and success. For more information about winners and finalists, please see:

About Medical Indicators

Medical Indicators, Inc. serves a unique niche providing clinically accurate, single use thermometers within the US and internationally.  The company proudly manufactures all of its products at its headquarters in New Jersey. Unsurpassed clinical accuracy, portability, convenience, ease of use and excellent germ control make the company’s products the trusted thermometers among health care professionals and consumers alike. For more information, please visit

About Progress Equity Partners

Progress Equity Partners is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs. We are particularly successful in providing entrepreneurs the opportunity to gain liquidity while partnering with us to transition their business for future growth. For more information, please visit

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