The Firm is representing Waystar Holding Corp. in its announced definitive agreement to acquire 100% of Iodine Software from shareholders lead by Advent International for an enterprise value of $1.25 billion. The transaction will be funded with a 50/50 mix of cash and stock consideration. The transaction is anticipated to close by year-end 2025, subject to customary closing conditions and applicable regulatory approvals.
Iodine Software is a leader in AI-powered clinical intelligence, built to eliminate revenue leakage, lower administrative burden, and ensure accurate reimbursement. Trusted by more than 1,000 hospitals and health systems, Iodine delivers real-time insight and automation across the mid-revenue cycle: connecting clinical documentation, utilization management, and prebill workflows from admission through claim submission.
Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list.
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