{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-070034","form_type":"8-K","ticker":"WAY","cik":"0001990354","company_name":"Waystar Holding Corp.","filed_at":"2025-07-23T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.767851+00:00","generated_at":"2026-05-18T03:42:51.534326+00:00","sec_items":["1.01","2.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Waystar acquires Iodine Software for $1.25B enterprise value; prelim Q2 revenue ~$271M (+15% YoY)","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-070034","json":"https://secwatch.observer/filing/0001104659-25-070034.json","markdown":"https://secwatch.observer/filing/0001104659-25-070034.md","text":"https://secwatch.observer/filing/0001104659-25-070034.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1990354/000110465925070034/0001104659-25-070034-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1990354/000110465925070034/tm2521498d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T03:42:51.534326+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}