The company had raised $848 million in venture capital since its 2013 founding, Columbus Business First reported Oct. 31.
In the transaction, Waystar is acquiring the company’s clearinghouse and patient access business units.
Humata acquired Olive AI’s prior authorization business unit, according to an Oct. 31 notice posted on the company’s website.
The news comes after Waystar filed for a proposed initial public offering.
The company said that it has already reached out to its healthcare customers about its shutdown. The financial terms of the sale were not disclosed. In 2021, the company raised $400 million to hit a $4 billion valuation.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.