Waystar weighs a sale

The healthcare payments software company is reportedly exploring a sale that would take it private again, just two years after listing. Reuters cited seven sources familiar with the talks.

Bankers already hired

Sources say Waystar has brought in bankers to advise on a possible deal, though nothing is settled and the sale may never happen. The company has not commented publicly.

“the plans could change and sale may not come to pass”

Software, not services

Waystar deliberately positioned itself as a software company automating administrative work, rather than a healthcare services business leaning on people to do the same tasks.

The valuation play

That framing was the point. Tech companies command higher multiples than services firms, and Waystar went public in 2024 on that premise.

Then AI spooked investors

Buyers bought in at first, but the stock slid as worries grew that software firms are exposed to AI disruption. Morgan Stanley flagged the risk.

Healthcare as payments lab

Money is still pouring in elsewhere: Forus raised $150 million at a $3 billion valuation, and Verily Health took investment from Nvidia. AI agents doing admin work hit the same trust problems B2B payments face.

“That may be the missing infrastructure layer in agentic payments.”