ikaSystems Announces New Board of Directors

ikaSystems, a leading provider of web-based technology and enterprise wide solutions for the healthcare industry, today announced that three new partners - Stephen F. Wiggins, W. Robert Dahl and Andrew M. Paul - have joined the company.

"I am very pleased that Steve, Bob and Andy have become partners with ikaSystems," said Ravi Ika, President and CEO of ikaSystems. "Steve and Bob who have joined the Board of Directors, along with Andy will make exceptional partners because of their leadership skills, extensive management experience and outstanding characters. With their profound knowledge of the healthcare industry and business acumen, ikaSystems will accelerate its continued growth."

Mr. Wiggins was the founder and served as Chairman of the Board and Chief Executive Officer of Oxford Health Plan from 1984 through August 1997. Under his leadership, Oxford grew to $5 billion of annual revenue and ranked among the 300 largest U.S. corporations. He co-founded Health Partners, Inc. in 1993, a physician practice management company that grew to $170 million of annual revenue before it was sold. He was also the Founder, Chairman and Chief Executive Officer of HealthMarket, Inc, an insurance company that gave birth to innovative consumer driven health plans and grew to over $150 million of revenue before being acquired by UICI. He received an M.B.A. from Harvard University Graduate School of Business Administration.

Mr. Dahl has over the past seven years run the global healthcare investment activities of the Carlyle group. Carlyle is a leading private equity firm, with over $40 billion of equity under management. During his tenure at Carlyle Mr. Dahl was involved in twelve healthcare investments, representing approximately $1.1 billion in invested equity. He served on the investment committee of Carlyle's US buyout funds, including $7.9 billion CPIV, and $3.9 billion CPIII. He also served on the investment committee of the $430mm Carlyle Mezzanine Partners. Mr. Dahl is a graduate of Harvard Business School, where he was a Baker Scholar and a Loeb Rhodes fellow, and Middlebury College.

Mr. Paul has been actively engaged in private equity and venture capital investing, primarily in the healthcare industry, for approximately 23 years.  In 1984, he joined Welsh Carson Anderson & Stowe (1984-2000), a private investment firm that specializes in venture capital/LBO opportunities. When he left the firm in 2000, it had grown to an aggregate capital base of approximately $12 billion, an 84 fold increase in capital over Mr. Paul's tenure with the firm. Mr. Paul retired from Welsh Carson in September 2000 to focus his time on ECP and his other investment interests including Sopris Capital. Andy Paul is currently the Chairman and largest shareholder of ECP, a state-sponsored small business investment vehicle formed in 1999 to provide capital to small and emerging companies in specified geographies. He is also the managing general partner of the recently formed EEF, a $225 million equity fund focused on buyouts of and growth capital for lower middle-market companies that closed in Q4 2005. Andy received his B.A. from Cornell University in 1978 and his M.B.A. from Harvard Business School in 1983.