Swedish investment firm EQT and Canada Pension Plan Investment Board, a Toronto-based professional investment management organization, announced the agreement July 29.
Under the transaction, EQT and Canada Pension will acquire a majority equity stake in Waystar from Bain, while Bain retains a minority stake in the company.
Revenue cycle management companies Navicure and ZirMed merged in November 2017 to form Waystar. Waystar has since expanded its offerings through the acquisition and integration of analytics solutions providers Connance, Ovation, Paro and Digitize.AI, and now serves more than 450,000 healthcare providers nationwide.
The most recent acquisition by EQT and Canada Pension will allow Waystar to continue growing and providing value to health systems and hospitals, physician offices and non-acute care practices, according to investors.
The deal is expected to close later this year.
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