Payer Vendor Gets Investors

HDM Breaking News, December 8, 2009

Providence (R.I.) Equity Partners LLC has made an undisclosed equity investment in ikaSystems Corp., a software vendor serving the health insurance market.

Terms of the investment were not disclosed. However, Eran Broshy, a senior advisor at Providence, has been named chairman of ikaSystems. Ravi Ika, founder and CEO at ikaSystems, will continue to lead the company.

The Southborough, Mass.-based vendor sells the Web-based ikaEnterprise payer information system. Its modules include transactions processing/adjudication, customer relationship management, enrollment, billing, provider and payer portals, and a call center, among others.

More information is available at provequity.com and ikasystems.com.

--Joseph Goedert

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