Waystar, Inc.
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Waystar, Inc. - overview
Established
2000
Location
Louisville, KY-Kentucky, US
Primary Industry
Healthcare IT
About
Based in Kentucky, US, and founded in 2000 by CEO Matt Hawkins through a merger with Navicure, Inc. and ZirMed, Inc. , Waystar, Inc. operates as a health technology-based company that offers a SaaS-based platform that allows healthcare industries to manage payer reimbursement, patient billing, payments, and claims management.
In July 2025, Waystar, Inc. , a portfolio company of Francisco Partners, CPP Investment Board and EQT, agreed to fully acquire Iodine Software LLC from Advent International, Silversmith Capital Partners and Bain Capital for USD 1. 25 billion. The firm trades on NASDAQ under the ticker symbol, WAY.
Waystar is a cloud-based platform designed to simplify healthcare payments and optimize the revenue cycle for providers. The platform offers solutions like financial clearance, patient financial care, revenue capture, denial prevention, and analytics, all aimed at increasing efficiency, reducing costs, and improving financial visibility for healthcare organizations.
Current Investors
Francisco Partners, EQT, CPP Investment Board
Primary Industry
Healthcare IT
Sub Industries
Healthcare IT, Accounting/Finance Software, Analytics & Performance Software, Medical Software
Website
www.waystar.com
Verticals
Artificial Intelligence, Cloud Computing, FinTech, HealthTech
Total Amount Raised
Subscriber access only
Waystar, Inc. - financials
| Fiscal Year Ended | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|
| Revenue (USD) | 578,565,000 | 704,874,000 | - | - | - |
| % Revenue Growth (YoY) | - | 21.8% | - | - | - |
| EBITDA (USD) | 245,266,000 | 282,877,000 | - | - | - |
| Operating Income (USD) | 60,315,000 | 89,450,000 | - | - | - |
| Operating Margin | 10.4% | 12.7% | - | - | - |
| % EBITDA Margin | 42.4% | 40.1% | - | - | - |
| NET Income (USD) | (47,116,000) | (44,029,000) | - | - | - |
| % Net Margin | (8.1%) | (6.2%) | - | - | - |
Waystar, Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on, Trade Sale | Completed | Iodine Software LLC | - | ||||||||
| IPO | Completed | Waystar, Inc. | - | ||||||||
| Add-on, Trade Sale | Completed | HealthPay24 | - | ||||||||
| Trade Sale | Completed | Patientco Holdings, Inc. | - | ||||||||
| Add-on | Completed | Patientco Holdings, Inc. | - |
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Waystar, Inc. - key contacts
| Name | Position | Start Date | End Date | Vcard | Bio | ||
|---|---|---|---|---|---|---|---|
| Chief Executive Officer | BM |
BM Board Member
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