Global investment firm EQT and the Canada Pension Plan Investment Board (CPPIB) have acquired a majority stake in technology firm Waystar, in a transaction valued at $2.7 billion (£2.2 billion).
Waystar provides Revenue Cycle Management software for healthcare systems and providers.
It was formed in 2017 by combing revenue cycle technology providers Navicure and ZirMed. Its cloud-based technology is used by more than 450,000 healthcare providers and 750 health systems and hospitals.
Waystar recently acquired several analytics solutions providers, Connance, Ovation, Paro, and Digitize.ai, to integrate into its business.
Matt Hawkins, CEO of Waystar, said: “Waystar’s mission is to simplify and unify the healthcare payment process with best in class cloud technology, so that providers can focus on what really matters – patient care.”
Eric Liu, Partner at EQT Partners, added: “EQT’s investment in Waystar demonstrates our continued interest in partnering with companies that sit at the intersection of TMT and healthcare, two of EQT’s core investment sectors, and in which the firm has a track record of creating differentiated value for all stakeholders.”