Press Release
September 26, 2011
ikaSystems Appoints Joseph Marabito as Chief Executive Officer
Founder Ravi Ika to Serve as Executive Chairman of the Company
ikaSystems, a premier provider of enterprise-level cloud computing solutions for the healthcare payer market, today announced that it has promoted current president Joseph Marabito to chief executive officer (CEO). Ravi Ika, who founded the company in 1999 and currently serves as CEO, will become executive chairman of the board of ikaSystems. Eran Broshy, currently chairman of the board and a senior advisor at Providence Equity Partners, will remain a member of the board.
Mr. Ika said, “We are growing very rapidly, adding over 100 new staff just this year. I am pleased that we have someone as experienced and talented as Joe to join me in leading the company as we continue to grow. Joe is already managing the operations of the company, and I continue to focus on new products and customer relationships. This change memorializes how we are already starting to work and positions us to successfully manage the larger customers we are winning with our innovative products. We will benefit from having Joe, with his depth and breadth of healthcare payer experience, formally assume responsibilities for the day-to-day operations and strategy execution, while I continue to focus on product strategy, strategic growth, and customer relationships. ikaSystems has a very bright future, and I look forward to working together with Joe to deliver on its tremendous potential.”
“I am honored that Ravi has elected for me to lead the company at this important time in ikaSystems’ development,” said Mr. Marabito. “In my time here, I have come to know and appreciate the commitment to innovation at ikaSystems that Ravi has infused, and I look forward to ensuring innovation thrives while enhancing the company’s product, delivery, and operational excellence. With the significant changes underway in the healthcare payer industry and our innovative solutions and strong brand, ikaSystems is uniquely positioned to win in this important marketplace over the long-term. I look forward to continuing to aggressively grow ikaSystems in the years ahead.”