Waystar acquires Iodine Software for $1.25B enterprise value; prelim Q2 revenue ~$271M (+15% YoY)

Waystar Holding Corp.

Total enterprise value $1.25B; consideration 50/50 cash and stock (approx. $625M cash + 16.75M WAY shares).
Advent, Iodine's largest shareholder, receives only Waystar shares locked up for 18 months; expected close by year-end 2025.
Deal expected to expand Waystar's TAM by more than 15% and deliver >$15M run-rate cost synergies within 18-24 months post-close.
Preliminary Q2 2025 revenue ~$271M, representing ~15% year-over-year growth; combined company to serve 17 of 20 U.S. News Best Hospitals.
Post-close adjusted net leverage ratio expected ~3.5x; Advent gets board nomination right while holding >=5% of WAY shares.

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