TradingKey - On September 15, Eastern Time, healthcare software company Waystar (WAY) saw its pre-market stock price jump over 16% at one point.

[Source: TradingView]

Earlier, Reuters quoted people familiar with the matter as saying that the company is evaluating various options, including a sale, and has hired investment bank Evercore as an advisor. The discussions are still at an early stage, and whether a deal will be reached remains uncertain. Waystar declined to comment, and Evercore did not immediately respond.

Founded in 2017, Waystar was formed through the merger of healthcare revenue management companies ZirMed and Navicure. The company provides payment management software for hospitals and physicians, serving approximately 30,000 clients and covering about 50% of U.S. patients.

In 2024, the company completed its IPO in New York. Private equity firm EQT, Canada Pension Plan Investment Board (CPPIB), and Bain Capital were its main pre-IPO investors.

Year to date, Waystar's stock price has fallen about 24% cumulatively, with its market cap shrinking to roughly $4.8 billion. Morgan Stanley (MS) analysts noted in a July report that investors worry advances in artificial intelligence could impact software companies, triggering a widespread sell-off across the software sector that has also put pressure on Waystar's stock.

However, the company's latest financial report shows that operations remain solid. In the second quarter of 2026, Waystar achieved revenue of $320 million, up 18% year-over-year; adjusted EBITDA reached $137 million, with a margin of 43%. The company raised its full-year revenue guidance to $1.276 billion to $1.294 billion, and its adjusted EBITDA guidance to $535 million to $545 million.

Currently, EQT is Waystar's largest shareholder with a 13% stake, CPPIB holds 10%, and BlackRock holds about 8%. If a deal is reached, Waystar could go private again just two years after going public.

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