---
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"
generated_at: "2026-05-18T03:42:51.534326+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-070034
- JSON: https://secwatch.observer/filing/0001104659-25-070034.json
- Plain text: https://secwatch.observer/filing/0001104659-25-070034.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.