The EQT VIII Fund and Canada Pension Plan Investment Board are to acquire a majority equity stake in Waystar, a US provider of revenue cycle technology, from Bain Capital Private Equity.
Under the terms of the agreement, which values Waystar at $2.7 billion, Bain Capital will retain a minority stake in the company.
EQT and CPPIB’s investment will now support its continued growth.
Formed in 2017 through a combination of revenue cycle technology providers Navicure and ZirMed, and led by Matt Hawkins, CEO, Waystar is a cloud-based provider of revenue cycle technology used by healthcare providers across every care setting, from large health systems and hospitals to physician offices and non-acute care practices.
The company’s technology streamlines the entire payment process and brings meaningful price transparency to patients, leveraging predictive analytics and artificial intelligence to automate manual tasks to reduce administrative burden and lower costs for healthcare providers.
Recently, Waystar has enhanced its technology platform with the acquisition and integration of several analytics solutions providers, Connance, Ovation, Paro, and Digitize.ai.
The platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans.
The company has offices in Louisville, KY, Chicago, IL, Duluth, GA, and Newton, MA.
FinSMEs
31/07/2019