Waystar Inc, a portfolio company of EQT, CPPIB and Bain Capital, is, reportedly, moving towards an initial public offering (IPO) that values the company at $8 billion, as of August 21. Waystar is the combination of Navicure and ZirMed, two leading revenue cycle management companies. It supports more than 450,000 providers, 750 health systems and hospitals and 5,000 payers and health plans.
EQT, CPPIB and Bain Capital have hired Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. to guide the company through the process, according to reporting done by Reuters. Contingent upon market conditions and regulations, the IPO is expected to materialize later in 2023 or early in 2024.
In 2019, EQT and CPPIB purchased a majority stake in Waystar and Bain Capital retained a minority stake in the company. At that time, the company was valued at $2.7 billion.
Earlier in August 2023, Waystar announced that it purchased HealthPay24, a patient engagement and payment solution that helps maximize customer self-service opportunities and increase patient revenue.
