Who Owns Waystar?
Waystar is owned by Waystar Holding Corp. (Nasdaq: WAY), a publicly traded healthcare payments software company headquartered in Lehi, Utah, with a second office in Louisville, Kentucky. Formed in 2017 by merging Navicure and ZirMed, Waystar processes more than 7.5 billion transactions annually for over 30,000 healthcare provider clients. It reported FY2025 revenue of $1.10 billion.
Who Owns Waystar?
- Parent Company: Waystar Holding Corp.
- Ownership Type: Brand division
- Company Type: Publicly Traded
- Stock Ticker: NASDAQ: WAY
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Waystar | Waystar Holding Corp. | Brand division |
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History of Waystar
- Founded: 2017
- Founders: Navicure and ZirMed merger
Bain Capital created the company in 2017 by merging two revenue cycle businesses: Navicure of Duluth, Georgia (founded 2001) and ZirMed of Louisville, Kentucky (founded 1999). The combined platform adopted the Waystar name in 2018.
EQT and CPPIB acquired control in 2019 at a valuation of about $2.7 billion. Waystar then bought eSolutions for roughly $1.3 billion in 2020 and Patientco in 2021. It completed a Nasdaq IPO in June 2024 raising approximately $968 million, and in October 2025 acquired clinical documentation AI company Iodine Software for about $1.26 billion.
About Waystar Holding Corp.
Is Waystar publicly traded?
Yes. Waystar trades on Nasdaq under ticker WAY. It completed its IPO in June 2024.
Who owns Waystar?
Waystar is a public company. Its largest shareholders include private equity firm EQT and the Canada Pension Plan Investment Board, along with public investors.
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When was Waystar founded?
The company formed in 2017 through the merger of Navicure (founded 2001) and ZirMed (founded 1999), and adopted the Waystar name in 2018.
Where is Waystar headquartered?
Lehi, Utah, with a second major office in Louisville, Kentucky.
- Founded: 2017
- Headquarters: Lehi, Utah, USA
- Company Type: Publicly Traded
- Stock: NASDAQ: WAY
- Revenue: $1.10 billion (FY2025)
- Employees: Approximately 2,000
Where Is Waystar Made / Based?
- Headquarters: Lehi, Utah, USA
Waystar Categories & Tags
Waystar Ownership: Pros & Cons
Advantages
- +Scale infrastructure with 7.5 billion transactions a year
- +High net revenue retention (112% in FY2025)
- +Cloud-native platform with expanding AI capabilities
Considerations
- -Acquisitive balance sheet carries meaningful debt
- -Client concentration in US hospital systems
- -Optum and other giants compete aggressively in RCM
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Frequently Asked Questions About Waystar
Sources & Further Reading
- Waystar official website
- Waystar investor relations
- Waystar company profile - /companies/waystar
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Competitors to Waystar
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Cognizant | USA | 1997 | Mass market | United states | Business | |
| Availity | USA | 2001 | Mass market | United states | Business | |
| Experian | USA | 2013 | Mass market | United states | Business | |
| Unitedhealth Group | USA | 2013 | Mass market | United states | All Genders | |
| Md Clarity | USA | 2010 | Mass market | United states | Business |
Learn More About Competitors
Healthcare PharmaceuticalsTriZetto
Owned by Cognizant Technology Solutions Corporation
Healthcare IT and claims processing platform owned by Cognizant since 2014, serving payers and providers across the United States.
healthcare-technologyclaims-processingrevenue-cycle
Healthcare PharmaceuticalsAvaility
Owned by Availity
The largest real-time health information network in the US, owned by a consortium of major health insurers and Novo Holdings.
healthcare-technologyclearinghouseclaims-processing
Healthcare PharmaceuticalsExperian Health
Owned by Experian plc
The healthcare revenue cycle and data division of Experian plc, serving providers with eligibility, claims, and patient payment products.
healthcare-technologyrevenue-cycleclaims-processing
Healthcare PharmaceuticalsChange Healthcare
Owned by UnitedHealth Group
Healthcare technology company providing claims processing and payment solutions, owned by UnitedHealth Group.
healthcare-technologyclaims-processingpayment-solutions
Healthcare PharmaceuticalsMD Clarity
Owned by MD Clarity
Seattle healthcare SaaS platform for patient cost estimates, payer contract management, and underpayment detection.
healthcare-technologyrevenue-cyclecontract-management
Competitive Analysis
Market Positioning: Waystar competes with 5 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
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Independent Alternatives to Waystar
Looking for brands with different ownership structures? These similar brands are not owned by Waystar Holding Corp., giving you alternative choices that support different corporate structures.
Healthcare PharmaceuticalsAvaility
Owned by Availity
The largest real-time health information network in the US, owned by a consortium of major health insurers and Novo Holdings.
healthcare-technologyclearinghouseclaims-processing
Privately Owned
Availity is privately owned, unlike Waystar which is under a publicly traded parent company.
Healthcare PharmaceuticalsMD Clarity
Owned by MD Clarity
Seattle healthcare SaaS platform for patient cost estimates, payer contract management, and underpayment detection.
healthcare-technologyrevenue-cyclecontract-management
Privately Owned
MD Clarity is privately owned, unlike Waystar which is under a publicly traded parent company.
Healthcare PharmaceuticalsBand-Aid
Owned by Kenvue
American adhesive bandage brand invented in 1921, owned by Kenvue Inc. Band-Aid is the leading adhesive bandage brand in the United States and is sold in more than 100 countries.
wound-careadhesive-bandagefirst-aid
Privately Owned
Band-Aid is privately owned, unlike Waystar which is under a publicly traded parent company.
Healthcare PharmaceuticalsBenadryl
Owned by Kenvue
American brand of antihistamine medication used to treat allergies, itching, and cold symptoms, manufactured and marketed by Johnson & Johnson.
antihistamineallergy-reliefcold-medicine
Privately Owned
Benadryl is privately owned, unlike Waystar which is under a publicly traded parent company.
Healthcare PharmaceuticalsBoots
Owned by Walgreens Boots Alliance
Boots is the UK's leading pharmacy-led health and beauty retailer, founded in 1849, now operating as The Boots Group under Sycamore Partners since August 2025.
pharmacyhealth-beautyuk-retail
Privately Owned
Boots is privately owned, unlike Waystar which is under a publicly traded parent company.
Healthcare PharmaceuticalsDuane Reade
Owned by Walgreens Boots Alliance
Duane Reade is a New York City drugstore chain owned by Walgreen Co. under Sycamore Partners, operating approximately 90 stores across the five boroughs.
pharmacydrugstorenew-york
Privately Owned
Duane Reade is privately owned, unlike Waystar which is under a publicly traded parent company.
Waystar Holding Corp. Stock Information
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