Waystar Explores Potential Sale Two Years After Going Public

Waystar has hired investment bank Evercore to advise on the potential process, which is still at an early stage, two people said.

Healthcare software provider Waystar is exploring options including a potential sale that could take the company private again, two years after its New York stock market listing, according to seven people familiar with the matter.

Waystar has hired investment bank Evercore to advise on the potential process, which is still at an early stage, two people said. Barclays is also advising the company, according to another person familiar with the matter. The discussions are confidential, and the plans could change or may not result in a sale.

Waystar and Barclays declined to comment, while Evercore did not immediately respond to a request for comment.

Shares of Waystar rose more than 8% on September 15 following the report, partially recovering from a decline that had reduced nearly a quarter of the company's market value through September 14. After the gain, Waystar's market capitalization stood at about $5.2 billion, based on Reuters calculations.

The company provides software used by hospitals and physicians to manage payments and automate healthcare administrative processes. Waystar has positioned itself as a healthcare technology company rather than a healthcare services provider, emphasizing software-based automation in an effort to secure technology-sector valuations.

Investors initially responded positively to that strategy, with Waystar shares rising from $20 to a peak of $45 in 2025. The stock subsequently came under pressure as investors raised concerns about the potential impact of artificial intelligence on software businesses, according to Morgan Stanley analysts in a July report.

Waystar was formed in 2017 through the merger of healthcare revenue management companies Zirmed and Navicure. Buyout firm EQT, Canada Pension Plan Investment Board (CPPIB) and Bain Capital were among its major backers before the company went public in 2024.

EQT remains Waystar's largest shareholder, with a 13% stake, followed by CPPIB with 10% and BlackRock Institutional Trust Company with 8%, according to LSEG data.

EQT and BlackRock declined to comment, while CPPIB did not immediately respond to a request for comment.

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