BOSTON—Nov. 19, 2015—ikaSystems, the premier provider of enterprise, cloud-based business process and automation solutions for payers, today announced it signed an agreement to become an independent subsidiary of Blue Cross Blue Shield of Michigan.
The new relationship will position ikaSystems for further growth in solution expansion, new capabilities, and new services across all lines of business. ikaSystems’ existing management team will continue to lead the Boston-area company.
“We see this new relationship as validation of our success and the potential of our platform to help payers transform themselves for the future,” said ikaSystems CEO, Joe Marabito. “As an independent subsidiary, we will have the freedom and resources to serve our customers in all segments of the payer market with even more capacity and rigor.”
“Over the past several years, ikaSystems has proven its ability to deliver flexible and innovative solutions that create meaningful differentiation and has enabled BCBSM and others navigate a challenging environment in health care,” said Mark Bartlett, BCBSM executive vice president, chief financial officer and president of emerging markets. “As we contemplated services to help health payers thrive, we knew that ikaSystems presented an outstanding opportunity to start with a world-class foundation.”
Serving payers since 1999, ikaSystems’ solutions deliver flexibility and high levels of service. ikaSystems customers are located across the United States and include payers of all types and sizes, from small provider-owned plans to the largest insurers. Together, they represent about 28 million covered lives across all lines of business—commercial, Medicaid, Medicare—and include traditional insurers, managed Medicaid plans, Medicare Advantage plans, PBMs, and delegated risk providers.
ikaSystems delivers business automation and process solutions that transform how health plans conduct commercial, Medicare, Medicaid, Exchange, and ACO business. Our solutions automate key processes for sales, marketing, regulatory compliance, claims administration, customer service, quality management, and revenue optimization—all on an integrated, Web-based platform that’s fast and scalable. Partner with us, and take a bold step forward: one that can lower costs, increase agility, and improve constituent satisfaction for all your lines of business. For more information visit us at www.ikasystems.com.
Blue Cross Blue Shield of Michigan, a nonprofit mutual insurance company, is an independent licensee of the Blue Cross and Blue Shield Association.
Oppenheimer & Co. Inc. acted as exclusive financial advisor to ikaSystems.