医疗保健支付软件开发商Waystar将收购Iodine Software，加速医疗支付的人工智能转型-动脉网

Waystar to Acquire Iodine Software, Accelerating the AI-Powered Transformation of Healthcare Payments

CISION 等信源发布 2025-07-24 04:31

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可切换为仅中文

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Extends Waystar's AI leadership into clinical intelligence

将Waystar的AI领导地位扩展到临床智能领域

software

软件

, unlocking greater value for clients and shareholders

，为客户和股东释放更大价值

Highly recurring subscription-based business projected to be accretive to Waystar's financial profile

高频率的基于订阅的业务预计将会对Waystar的财务状况产生积极影响。

Expected to expand Waystar's total addressable market by more than 15%

预计Waystar的总可寻址市场将扩大15%以上

Conference call to be held

将举行电话会议

Wednesday, July 23, 2025

2025年7月23日，星期三

, at

，在

5:30 p.m. ET

下午5点30分（东部时间）

LEHI, Utah

犹他州，里海市

and

和

LOUISVILLE, Ky.

路易斯维尔，肯塔基州

, and

，以及

AUSTIN, Texas

德克萨斯州奥斯汀

，

July 23, 2025

2025年7月23日

/PRNewswire/ -- Waystar (Nasdaq:

/PRNewswire/ -- Waystar（纳斯达克：

WAY

方式

), a provider of leading healthcare payment software, today announced a definitive agreement to acquire 100% of Iodine Software ('Iodine') from shareholders led by Advent International, a leading global private equity investor, for a total enterprise value of

），一家领先的医疗保健支付软件供应商，今天宣布了一项最终协议，将从由全球领先私募股权投资者Advent International牵头的股东手中收购Iodine Software（“Iodine”）100%的股份，总企业价值为

$1.25 billion

12.5亿美元

. The proposed transaction is expected to accelerate Waystar's ability to transform healthcare payments through its leading cloud-based software platform, empowering more than one million providers with advanced AI capabilities to prevent denials, reduce manual work, and improve financial performance..

拟议的交易预计将加速 Waystar 通过其领先的基于云的软件平台来变革医疗支付的能力，使超过一百万名供应商能够利用先进的人工智能功能来预防拒付、减少手动工作并提高财务绩效。

Building on Waystar's track record of successful M&A execution and synergy realization, Waystar expects the acquisition of Iodine to be immediately accretive to gross margin and adjusted EBITDA margin, and accretive to revenue growth and non-GAAP net income per diluted share in 2027.

基于 Waystar 在成功执行并购和实现协同效应方面的良好记录，Waystar 预计收购 Iodine 将立即对毛利率和调整后的息税折旧摊销前利润率产生积极影响，并在 2027 年对收入增长和非公认会计准则下每股稀释净收益产生积极贡献。

Iodine is trusted by many of the nation's premier health systems for its AI-powered clinical intelligence software. Up to 60 million claims are denied each year due to administrative errors in the critical stage between care delivery and submission, costing providers billions in lost revenue. This highlights the essential role of accurate clinical documentation and coding in preventing revenue leakage and underpayments..

许多美国顶级卫生系统都信赖Iodine的AI驱动临床智能软件。由于在护理提供和提交之间的关键阶段出现的行政错误，每年有多达6000万份索赔被拒绝，导致医疗服务提供者损失数十亿美元的收入。这凸显了准确的临床文档记录和编码在防止收入流失和支付不足方面的重要作用。

Together, Waystar and Iodine will be better positioned to help decrease the estimated

共同合作下，Waystar 和 Iodine 将更有能力帮助减少预计的

$440 billion

4400亿美元

in annual administrative costs

每年的行政成本

burdening providers. Waystar brings a decade-long track record of applying AI pervasively across its software platform to simplify healthcare payments. Iodine extends that leadership into clinical intelligence software, leveraging proprietary AI models trained on one of the industry's largest clinical datasets, representing more than a third of all U.S.

给供应商带来负担。Waystar拥有长达十年的在软件平台上广泛应用人工智能来简化医疗支付的记录。Iodine则将这一领导地位扩展到临床智能软件，利用基于业内最大临床数据集之一训练的专有人工智能模型，该数据集代表了超过三分之一的美国临床数据。

inpatient discharges..

住院病人出院..

'Our mission is to simplify healthcare payments by eradicating unnecessary denied claims, automating manual work, and increasing transparency for providers and patients,' said

“我们的使命是通过消除不必要的拒赔、实现手动工作的自动化以及提高供应商和患者的透明度来简化医疗支付，”他说。

Matt Hawkins

马特·霍金斯

, Chief Executive Officer of Waystar. 'We are committed to transforming healthcare through harnessing the power of AI to tackle the most critical challenges in healthcare payments. Welcoming Iodine's talented team and clinical intelligence platform to Waystar is a terrific next step in achieving our mission.'.

，Waystar首席执行官。“我们致力于通过利用人工智能的力量来解决医疗支付中最关键的挑战，从而推动医疗行业的转型。欢迎Iodine才华横溢的团队及其临床智能平台加入Waystar，这是我们实现使命的极佳下一步。”

'We are proud to have built a market-leading AI software company in partnership with Advent, Bain Capital Ventures, and Silversmith Capital Partners, and are thrilled to join Waystar, an organization that shares our deep commitment to modernizing the revenue cycle for providers,' said

“我们很自豪能够在与Advent、Bain Capital Ventures和Silversmith Capital Partners的合作中，建立了一家市场领先的AI软件公司，并且非常高兴能够加入Waystar，这个与我们一样致力于为供应商实现收入周期现代化的组织，”

William Chan

威廉·陈

, Co-Founder and Chief Executive Officer of Iodine Software. 'From day one, our focus has been helping hospitals and health systems capture the full value of care through transformational AI. As part of Waystar, we are excited to accelerate that mission and amplify the value delivered to healthcare providers.'.

碘软件公司联合创始人兼首席执行官。“从第一天起，我们的重点就是通过变革性人工智能帮助医院和卫生系统充分实现护理的价值。作为Waystar的一部分，我们很高兴能够加速这一使命，并为医疗服务提供者带来更大的价值。”

'Our success has been driven by strong partnerships, continuous innovation, and meaningful outcomes,' added

“我们的成功得益于强有力的合作伙伴关系、持续的创新和有意义的成果，”他补充道。

Mike Kadyan

迈克·卡迪安

, Co-Founder and Chairman of Iodine Software. 'We look forward to delivering even greater outcomes for providers as part of Waystar's market-leading platform.'

碘软件公司的联合创始人兼董事长表示：“作为Waystar市场领先平台的一部分，我们期待为供应商带来更大的成果。”

'It has been a privilege to partner alongside the Iodine team as they have built a category-defining AI-powered revenue cycle platform consistently delivering exceptional ROI to its clients,' said

“与碘团队合作，共同打造一个始终为客户提供卓越投资回报率的定义类别的AI驱动收入周期平台，是一种荣幸，”

Lauren Young

劳伦·杨

and

和

Carmine Petrone

卡迈恩·佩特罗内

, Managing Directors at Advent. 'We are excited to build on that foundation together with Waystar to drive even greater impact across healthcare, empowering organizations to optimize their financial performance.'

，Advent的董事总经理。 “我们很高兴在这一基础上与Waystar一起推动医疗保健领域产生更大的影响，帮助组织优化其财务绩效。”

Strategic and Financial Benefits

战略和财务利益

Unlocks transformational outcomes across the revenue cycle:

在整个收入周期中解锁转型成果：

Waystar expects to unlock new automation throughout its platform, leveraging Iodine's industry-leading AI capabilities in clinical documentation integrity, utilization management, and prebill revenue leakage identification to further streamline cumbersome tasks for providers. The addition of these solutions is expected to expand Waystar's total addressable market by more than 15%..

Waystar 期望在整个平台上解锁新的自动化功能，利用 Iodine 在临床文档完整性、利用率管理和预账单收入流失识别方面领先的 AI 能力，进一步简化供应商繁琐的任务。这些解决方案的加入预计将使 Waystar 的总可触达市场扩大超过 15%。

Accelerates AI innovation with clinical intelligence:

加速通过临床智能进行AI创新：

Integrating Iodine's unique clinical data assets with Waystar's expansive data network is expected to enhance the impact and reach of Waystar AltitudeAI™. Waystar expects to create opportunities that quickly expand GenAI applications in prior authorizations, claims management and processing, denial prevention, and appeals.

将碘的独特临床数据资产与Waystar庞大的数据网络相结合，预计将增强Waystar AltitudeAI™的影响力和覆盖范围。Waystar预计将创造机会，迅速扩展GenAI在事先授权、索赔管理与处理、拒绝预防及上诉中的应用。

Iodine's proprietary clinical AI engine, IodineIQ, continuously trains on millions of patient encounters and billions of clinical data points to deliver relevant insights..

碘的专有临床人工智能引擎 IodineIQ 持续训练数百万患者遭遇和数十亿临床数据点，以提供相关见解。

Deepens relationships with premier health systems:

加深与顶级卫生系统的合作关系：

Iodine brings strong adoption and credibility among leading hospitals and health systems. Iodine's footprint is expected to expand Waystar's scale and deepen relationships with premier providers. The combined company is expected to serve 17 of the 20 U.S. News Best Hospitals.

碘为领先的医院和卫生系统带来了强大的采用度和可信度。碘的覆盖范围预计将扩大Waystar的规模，并加深与顶级供应商的关系。合并后的公司预计将服务于《美国新闻与世界报道》最佳医院排名前20中的17家医院。

Strengthens Waystar's financial profile:

增强Waystar的财务状况：

Waystar will benefit from Iodine's fully subscription-based revenue model as well as significant cross-sell potential to both companies' client bases. In addition, Waystar has identified more than

Waystar将受益于Iodine的全订阅制收入模式，以及对两家公司客户群的巨大交叉销售潜力。此外，Waystar已经确认了更多

$15 million

1500万美元

in run-rate cost synergies, to be realized within the first 18-24 months following closing.

在关闭后的前18至24个月内实现的运行成本协同效应。

Transaction Details

交易明细

The transaction will be funded with a 50/50 mix of cash and stock consideration. Upon closing of the transaction, current Waystar shareholders will own approximately 92% of the combined company on a fully diluted, pro forma basis and Iodine equity holders will own approximately 8%. Advent, Iodine's largest shareholder, is expected to only receive Waystar shares in connection with the transaction and will agree to be locked up for 18 months after closing..

这笔交易将以现金和股票各占50%的形式进行融资。交易完成后，按照完全稀释、模拟计算的基础上，Waystar的现有股东将拥有合并后公司约92%的股份，而Iodine的股权持有人将拥有约8%的股份。Iodine的最大股东Advent预计只会因该交易获得Waystar的股票，并同意在交易完成后锁定18个月。

Following the transaction, Waystar expects to maintain a strong balance sheet with an estimated adjusted net leverage ratio at transaction close of approximately 3.5x.

交易完成后，Waystar预计将继续保持强劲的资产负债表，交易结束时估计调整后的净杠杆比率约为3.5倍。

The transaction is anticipated to close by year-end 2025, subject to customary closing conditions and applicable regulatory approvals.

该交易预计将在2025年底前完成，但需满足惯例的交割条件并获得相关监管机构的批准。

Preliminary Second Quarter 2025 Results

2025年第二季度初步结果

Waystar expects second quarter 2025 revenue to be approximately

Waystar 预计 2025 年第二季度收入约为

$271 million

2.71亿美元

, representing approximately 15% year-over-year growth.

，同比增长约15%。

The foregoing estimates are preliminary and unaudited and based on management's initial analysis of operations for the quarter. Waystar looks forward to sharing additional information regarding the company's second quarter 2025 results as previously scheduled on

上述估计为初步且未经审计的结果，基于管理层对本季度运营的初步分析。Waystar 期待按照此前计划分享有关公司 2025 年第二季度业绩的更多信息。

July 30, 2025

2025年7月30日

。

Advisors

顾问

Barclays is serving as exclusive financial advisor, and Simpson Thacher & Bartlett LLP is serving as legal advisor to Waystar.

巴克莱担任独家财务顾问，辛普森·撒切尔和巴特利特律师事务所担任Waystar的法律顾问。

J.P. Morgan Securities is serving as exclusive financial advisor, and Weil, Gotshal & Manges LLP and

摩根大通证券担任独家财务顾问，伟凯律师事务所（Weil, Gotshal & Manges LLP）和

Queen Saenz

塞恩斯女王

+ Schultz PLLC are serving as legal advisors to Iodine.

Schultz PLLC 担任 Iodine 的法律顾问。

Conference Call

电话会议

Waystar will discuss the transaction on a conference call today,

Waystar 将在今天的电话会议上讨论这笔交易，

Wednesday, July 23, 2025

2025年7月23日，星期三

, at

，在

5:30 p.m. Eastern Time

东部时间下午5点30分

. The conference call can be accessed by dialing (800) 715-9871 from

会议电话可以通过拨打 (800) 715-9871 接入，

the United States

美国

and

和

Canada

加拿大

or (646) 307-1963 internationally and using conference code 8810133. A live audio webcast of the conference call will be available on Waystar's investor relations website at

或国际电话（646）307-1963，并使用会议代码8810133。本次电话会议的现场音频直播将在Waystar的投资者关系网站上提供，网址为

investors.waystar.com/news-events/events

投资者.waystar.com/新闻活动/活动

. Following the call, an audio replay will be archived on the site.

随后，录音回放将存档在网站上。

About Waystar

关于Waystar

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.

Waystar的关键任务软件专为简化医疗支付而打造，使提供商能够优先考虑患者护理并优化其财务表现。Waystar服务于大约30,000家客户，代表超过100万名不同的提供商，其中包括美国20家机构中的16家。

News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over .

新闻最佳医院名单。Waystar的企业级平台每年处理超过60亿笔医疗支付交易，包括超过。

$1.8 trillion

1.8万亿美元

in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at

每年的总索赔额，并覆盖了大约50%的美国患者。Waystar致力于变革医疗支付方式，使供应商能够专注于最重要的事情：他们的患者和社区。找到前进的道路，请访问

waystar.com

。

About Iodine Software

关于碘软件

Iodine Software is the 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.

Iodine Software 是人工智能临床智能领域的领导者，致力于消除收入流失、减轻管理负担并确保准确的报销。Iodine 深受 1,000 多家医院和卫生系统的信赖，提供覆盖中段收入周期的实时洞察和自动化：从入院到理赔提交，连接临床文档、利用率管理和预结算工作流程。

For over a decade, health systems have trusted Iodine to apply the right AI – from machine learning, deep learning, large language models, GenAI, to Agentic AI – to the right use case, consistently delivering reliable, high-impact financial results..

十多年来，医疗系统一直信赖 Iodine 能够将正确的 AI 技术——从机器学习、深度学习、大型语言模型、生成式 AI 到代理式 AI——应用到合适的使用场景中，持续提供可靠且高影响力的财务成果。

At the core of the platform is IodineIQ, our proprietary Clinical Reasoning Knowledge Engine, featuring a robust clinical condition library and a dataset of millions of patient encounters and billions of clinical data points. IodineIQ mirrors clinical reasoning to surface opportunities, predict outcomes, and guide decisions; ensuring the patient's clinical picture is fully and accurately reflected in status, documentation, and final codes.

平台的核心是我们的专有临床推理知识引擎 IodineIQ，它拥有强大的临床状况库以及数百万患者就诊记录和数十亿临床数据点的数据集。IodineIQ 模拟临床推理，揭示机会、预测结果并指导决策；确保患者的临床情况在状态、文档和最终代码中得到全面而准确的反映。

Discover more at .

发现更多内容，请访问。

www.iodinesoftware.com

。

About Advent

关于Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD

Advent是一家全球领先的私募股权投资者，致力于与管理团队、企业家和创始人合作，帮助改造企业。我们在五大洲设有16个办事处，管理着超过美元的资产。

$94 billion

940亿美元

in assets under management* and have made over 430 investments across 44 countries.

管理的资产达*，并在44个国家进行了430多项投资。

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans.

自1984年成立以来，我们已在五个核心领域——商业与金融服务、消费品、医疗保健、工业和科技——发展了专业的市场专业知识。这种方法得益于我们对细分领域的深刻理解，这些知识指导着我们投资策略的各个方面，从寻找机会到与管理层合作执行价值创造计划。

We bring hands-on operational expertise to enhance and accelerate businesses..

我们带来实际操作的专业知识，以增强和加速企业发展。

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent's global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals..

作为一家规模最大的私人合伙企业之一，我们的 660 多名同事利用 Advent 的全球资源生态系统，包括我们的投资组合支持小组、行业专家运营合伙人和运营顾问提供的见解，以及定制工具，为我们的投资组合公司提供支持和指导，帮助他们实现战略目标。

To learn more, visit our

要了解更多信息，请访问我们的网站

website

网站

or connect with us on

或通过以下方式联系我们

领英

。

*Assets under management (AUM) as of

*截至资产管理规模（AUM）

March 31, 2025

2025年3月31日

. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

资产管理规模（AUM）包括归属于Advent咨询客户的资产，以及员工和第三方共同投资工具。

Forward-Looking Statements

前瞻性声明

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar's expectations relating to future operating results and financial position, including full year 2025, and future periods; anticipated future investments; our industry, business strategy, goals, and deployment of artificial intelligence in our solutions, our market position, offerings, future operations, margins, and profitability.

本新闻稿包含前瞻性陈述，依据1995年《私人证券诉讼改革法案》定义，反映了我们对以下事项的当前看法：包括Waystar对未来经营结果和财务状况（涵盖2025全年及未来期间）的预期；未来投资计划；我们的行业、业务战略、目标及在解决方案中部署人工智能的情况；我们的市场地位、产品服务、未来运营、利润率及盈利能力。

Forward-looking statements include all statements that are not historical facts. These statements may include words such as 'anticipate,' 'assume,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'future,' 'will,' 'seek,' 'foreseeable,' 'outlook,' the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including any discussion of our guidance for full fiscal year 2025..

前瞻性声明包括所有非历史事实的声明。这些声明可能包含诸如“预期”、“假设”、“相信”、“继续”、“可能”、“估计”、“期望”、“意图”、“或许”、“计划”、“潜在”、“预测”、“预计”、“未来”、“将”、“寻求”、“可预见的”、“展望”等词语，以及这些词语的否定形式或类似术语和短语，用于在本新闻稿中识别前瞻性声明，包括关于我们2025财年全年指导的任何讨论。

The forward-looking statements contained in this press release are based on management's current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify.

本新闻稿中的前瞻性陈述基于管理层的当前预期，并非未来业绩的保证。这些前瞻性陈述受制于各种难以预测或量化的风险、不确定性、假设或环境变化。

Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses (including our proposed acquisition of Iodine); our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients' timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes, or evolving industry standards; the interoperabilit.

我们的预期、信念和预测是基于善意表达的，我们相信它们有合理的依据。然而，无法保证管理层的预期、信念和投影会实现或达成。以下因素可能导致实际结果与前瞻性陈述产生重大差异：我们在高度竞争的行业中的运营；我们保留现有客户和吸引新客户的能力；我们成功执行业务战略以实现增长的能力；我们准确评估与收购相关的风险并成功整合被收购企业（包括我们拟议的对Iodine的收购）的能力；我们建立和维护战略关系的能力；我们客户的成长与成功以及整体医疗保健交易量；医疗保健行业的整合；我们争取新客户协议的长短不一的销售周期；依赖客户的时间和资源的实施周期；我们对高级管理团队和某些关键员工的依赖，以及吸引和留住高技能员工的能力；我们用于确定总可寻址市场规模的估算和假设的准确性；我们开发和推广新解决方案或增强现有解决方案以应对技术变化或行业标准演变的能力；互操作性。

February 18, 2025

2025年2月18日

, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.

，并且在向美国证券交易委员会提交的其他报告中，所有这些都可以在我们网站的投资者关系页面上找到，网址为investors.waystar.com。

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.

我们在本新闻稿中作出的任何前瞻性声明仅截至本新闻稿发布之日，并且完全受到本新闻稿中包含的警示性声明的限制。可能导致我们实际结果不同的因素或事件可能会不时出现，我们无法预测所有这些因素或事件。

You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws..

您不应过分依赖我们的前瞻性陈述。我们没有义务公开更新或审查任何前瞻性陈述，无论是由于新信息、未来发展或其他原因，除非适用的证券法要求。

Waystar Media Contact

Waystar媒体联系人

Kristin Lee

克里斯汀·李

kristin.lee@waystar.com

Daniel Yunger

丹尼尔·云格尔

Nick Capuano

尼克·卡普阿诺

Mark Fallati

马克·法拉蒂