PLANO, Texas, December 7, 2010 /PRNewswire/ -- Prodea Systems today announced that Mr. Fred Nazem has been named Vice Chairman and Managing Director of the Company's newly created Prodea Health division. The new division is focused on patient-centric medical home services for preventive care and chronic conditions that account for more than 80% of all healthcare expenditures today. Mr. Nazem has been an early investor in the company and has served on Prodea's board of directors since 2009.
Mr. Nazem is an internationally recognized venture capitalist and business leader who brings more than 35 years of health care systems, technology, management and financial experience to Prodea. As a serial entrepreneur and the founder of Nazem & Company, he has started, acquired, funded, and facilitated entrepreneurs in building cutting-edge, industry-impacting companies in IT, healthcare, media and energy.
"Fred is a natural fit for Prodea," said Anousheh Ansari, CEO of Prodea Systems. "The combination of his extensive experience in the technology of the global healthcare industry and his vision for a future of effective and personalized healthcare delivery systems will enable us to establish a leadership position in this market. Based on his direction, Prodea Health will deliver highly unique and valuable medical and healthcare services with great ease, speed, and effectiveness while vastly enhancing quality of life for people. We feel extremely fortunate to have someone of Fred's stature and experience as part of our executive team leading our growth in the healthcare sector."
Mr. Nazem has been advising Prodea management since its founding. "I have been enormously impressed with the business, market and product positioning that the Ansaris have established for Prodea. Their game-changing solutions have consistently delivered personalized, intuitive and easy to use services," said Mr. Nazem. "I am thrilled by the opportunity to work alongside their impressive management team as we advance Prodea to its next phase of growth by delivering a cost-effective, personalized healthcare system for the prevention, wellness, and the management of chronic conditions with superior quality, lower cost and easier access for consumers."
Mr. Nazem has shepherded more than 100 companies, took or participated in the IPO of more than 50 companies, some two dozen of which have achieved revenues and/or market values in excess of $1 billion. Below is a selected list:
- Diagnostics; Diasonics Corp, which became the first to offer MRI to the world. - Biotechnology: Applied Immune Sciences (OTC:AISC), led the industry during the early 90's with its natural immune therapeutics. Three years after its successful IPO, the company was sold at a premium to Rhone Poulence Rorer of France. - For Profit Hospitals: Republic Health, now a division of Tenet Healthcare (NYSE: THC), and Universal Health Systems (NYSE: UHS). - Elder Care: Genesis Health Ventures (NYSE: GHV) and Integrated Healthcare (NYSE: HIS) leaders in elderly care sector with respective revenues $3 billion and $5 billion. - Surgery Centers: Medical Care International (now a unit of HCA) the first and largest outpatient surgi-center franchise in the U.S. - New Media: iVillage Corp (NASDAQ: IVIL) and Sports Line USA. iVillage became the first and most successful website for women that was later sold to NBC. Sports Line USA, the leading website for sports in the early 1990s was subsequently sold to CBS. - Education: Ti-In Corporation, a joint venture with the Texas Board of Education, pioneered distant learning via satellite for K-12 in Texas.
Mr. Nazem is also well-known as a turnaround specialist. In 1997, as chairman of Oxford Health Plans, he led the reorganization and successful reversal of the company as it experienced operational and financial difficulties. Oxford was later sold to the United Health Group for $5 billion.
Fred Nazem received a Bachelor of Science degree in biochemistry from Ohio State University, a Master of Science in physical chemistry from University of Cincinnati and an MBA in finance from Columbia University. He has done doctoral work in nuclear physics at Washington University.
About Prodea Systems
Prodea Systems, based in Plano Texas, is a privately held company formed by the Ansari family, inventors and proven entrepreneurs with a history of building companies based on industry-changing technologies. Prodea Systems is their latest endeavor to address the challenges of today's increasingly complex digital home and connected small business environment and combine state of the art technology and simplicity in a single command center for the everyday consumer.
The Prodea Systems platform provides a turn-key, white label solution for traditional and alternative service providers who require continuous and timely delivery of new and innovative services to their subscribers over the existing broadband infrastructure.
Prodea's solution uniquely enables carrier-grade services to be delivered directly to a variety of fixed appliances in the home or automobile, as well as mobile lifestyle devices including smart phones, portable media players or laptops. Additional information can be found at http://www.prodeasystems.com.
SOURCE Prodea Systems