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AI brief of an SEC Form 8-K · Waystar Holding (WAY)

Waystar agrees to acquire Iodine Software in $1.25 billion enterprise value deal

Mixed Impact 5 of 5 m&a Written later

Waystar signed a merger agreement to acquire Iodine Software, a clinical intelligence software company, for an enterprise value of $1.25 billion, consisting of about $625 million in cash and Waystar common stock. The company also reported preliminary second quarter 2025 revenue of approximately $271 million, up about 15% year over year, and said the deal will bring Iodine's equity holders about 8% of the combined company. Closing is subject to customary conditions and regulatory approvals, with a termination date of November 23, 2025.

Key points

  • Enterprise value of $1.25 billion, including about $625 million in cash consideration plus Waystar shares issued to Iodine's Parent equityholders
  • Current Waystar shareholders expected to own about 92% of the combined company; Iodine equity holders about 8%
  • Estimated adjusted net leverage ratio at closing of about 3.5x; closing expected by year-end 2025
  • Preliminary Q2 2025 revenue of about $271 million, about 15% year-over-year growth; full results due July 30, 2025

The filing

CompanyWaystar Holding (WAY)
Form8-K, current report
Filed with the SECJul 23, 2025, 4:35 PM ET
Accession number0001104659-25-070034

Items reported: 1.01 Material Definitive Agreement2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:05 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 23, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.