Page 37 Bain Capital Healthcare
P. 37
product innovation, pricing, go-
to-market strategy, and M&A
integration.
In 2019, EQT and CPPIB acquired
a majority stake at a $2.7 billion
valuation, with Bain Capital retaining
a meaningful position and continuing
as an active strategic partner.
In 2024, we took Waystar public
(NASDAQ:WAY) and have continued
to support its growth as a public
company. Since the IPO, Waystar has
reported six consecutive quarters
of consensus-beating performance,
delivering double-digit revenue
growth and expanding margins.
This strong post-IPO execution
and increasing institutional investor
demand led to Waystar’s inclusion in
the S&P 600 index, underscoring its
scale and market leadership.
Waystar has also emerged as the
leading platform for AI-enabled
revenue cycle automation. The
2025 acquisition of Iodine Software
accelerated the integration of
predictive analytics and machine
learning into core workflows, further
enhancing provider productivity and
reimbursement accuracy.
Since the original Navicure-ZirMed
merger in 2017, Waystar has
grown approximately 18x from $60
million in revenue to a FY25 public
management guidance of ~$1.1
billion, becoming the largest cloud-
based healthcare revenue cycle
management software company in
the US.
Throughout the partnership, Bain
Capital’s cross-platform expertise
has been instrumental in driving
value creation, from integration
and innovation to commercial
acceleration and strategic M&A.
Through collaboration, we have
built a scaled, data-driven platform
positioned to lead the next decade
of transformation in healthcare
financial operations.
Bain Capital brought both healthcare and
technology experts to the table. There was never
this either or scenario, it was a united effort. At Waystar,
we are making decisions that we believe are going to
positively impact the healthcare marketplace through
the next decade. We’re creating something truly
transformational and along the way, Bain Capital is
proving to be an incredible thought-partner.
Matt Hawkins
CEO / Waystar
Waystar's
scale and
integration
across the
healthcare
system
50
%
of the US patient
population served
1
M+
healthcare providers
served
6 B+
transactions processed
annually
$ 1 T
in annual claims value
18
X
growth since 2016
*All figures as of 9/30/25
37
Bain Capital Healthcare Healthcare IT
to-market strategy, and M&A
integration.
In 2019, EQT and CPPIB acquired
a majority stake at a $2.7 billion
valuation, with Bain Capital retaining
a meaningful position and continuing
as an active strategic partner.
In 2024, we took Waystar public
(NASDAQ:WAY) and have continued
to support its growth as a public
company. Since the IPO, Waystar has
reported six consecutive quarters
of consensus-beating performance,
delivering double-digit revenue
growth and expanding margins.
This strong post-IPO execution
and increasing institutional investor
demand led to Waystar’s inclusion in
the S&P 600 index, underscoring its
scale and market leadership.
Waystar has also emerged as the
leading platform for AI-enabled
revenue cycle automation. The
2025 acquisition of Iodine Software
accelerated the integration of
predictive analytics and machine
learning into core workflows, further
enhancing provider productivity and
reimbursement accuracy.
Since the original Navicure-ZirMed
merger in 2017, Waystar has
grown approximately 18x from $60
million in revenue to a FY25 public
management guidance of ~$1.1
billion, becoming the largest cloud-
based healthcare revenue cycle
management software company in
the US.
Throughout the partnership, Bain
Capital’s cross-platform expertise
has been instrumental in driving
value creation, from integration
and innovation to commercial
acceleration and strategic M&A.
Through collaboration, we have
built a scaled, data-driven platform
positioned to lead the next decade
of transformation in healthcare
financial operations.
Bain Capital brought both healthcare and
technology experts to the table. There was never
this either or scenario, it was a united effort. At Waystar,
we are making decisions that we believe are going to
positively impact the healthcare marketplace through
the next decade. We’re creating something truly
transformational and along the way, Bain Capital is
proving to be an incredible thought-partner.
Matt Hawkins
CEO / Waystar
Waystar's
scale and
integration
across the
healthcare
system
50
%
of the US patient
population served
1
M+
healthcare providers
served
6 B+
transactions processed
annually
$ 1 T
in annual claims value
18
X
growth since 2016
*All figures as of 9/30/25
37
Bain Capital Healthcare Healthcare IT
