secwatch.observer — SEC 8-K summary
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Issuer:     Waystar Holding Corp. (WAY)
CIK:        0001990354
Form:       8-K
Filed at:   2025-07-23T23:59:59+00:00
Accession:  0001104659-25-070034
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1990354/000110465925070034/0001104659-25-070034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1990354/000110465925070034/tm2521498d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-070034

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