Waystar's valuation may hit $8B with possible IPO

Waystar, a healthcare-focused financial management software vendor, may be headed for an initial public offering, according to an Aug. 21 report from Reuters.

Four details:

1. Waystar is owned by EQT Partners, an investment firm; Canada Pension Plan Investment Board; and BainCapital, which has a minority stake. The company has been serving hospitals and medical practices for more than 20 years, now reporting 2.5 billion transactions annually.

2. EQT Partners and Canada Pension hired Goldman Sachs Group and JPMorgan Chase & Co. to advise on a potential initial public offering, according to Reuters.

3. Waystar could hit an $8 billion valuation with the IPO, according to unnamed sources in the report. The company was valued at $2.7 billion in 2019 when EQT and Canada Pension acquired a majority stake.

4. Waystar has acquired multiple companies in the last few years, including eSolutions and Patientco, to grow its footprint. The company now has more than 1 million providers in its network and 5,000 payer connections.

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