Waystar, a provider of health care payment software with headquarters in Lehi and Louisville, Kentucky, has agreed to acquire Iodine Software from shareholders led by Advent International, a global private equity firm.
The sale price was announced at $1.25 billion, funded with a 50/50 mix of cash and stock.
Iodine Software is a provider of AI-powered clinical intelligence, built to eliminate revenue leakage, lower administrative burden and ensure accurate reimbursement, Waystar said in its announcement release. Iodine’s platform is used by more than 1,000 hospitals and health systems.
“Our mission is to simplify health care payments by eradicating unnecessary denied claims, automating manual work and increasing transparency for providers and patients,” said Matt Hawkins, CEO of Waystar. “We are committed to transforming health care through harnessing the power of AI to tackle the most critical challenges in health care payments. Welcoming Iodine’s talented team and clinical intelligence platform to Waystar is a terrific next step in achieving our mission.”
“We are proud to have built a market-leading AI software company in partnership with Advent, Bain Capital Ventures and Silversmith Capital Partners, and are thrilled to join Waystar, an organization that shares our deep commitment to modernizing the revenue cycle for providers,” said William Chan, co-founder and CEO of Iodine Software. “From Day 1, our focus has been helping hospitals and health systems capture the full value of care through transformational AI. As part of Waystar, we are excited to accelerate that mission and amplify the value delivered to health care providers.”
“Our success has been driven by strong partnerships, continuous innovation and meaningful outcomes,” added Mike Kadyan, co-founder and chairman of Iodine Software. “We look forward to delivering even greater outcomes for providers as part of Waystar’s market-leading platform.”
The transaction is anticipated to close by year-end, subject to customary closing conditions and applicable regulatory approvals.