On October 1, 2025, Waystar Holding Corp. completed the acquisition of Iodine Software, a transaction that was publicly announced on October 2, 2025. The deal brings together two of the largest datasets in the healthcare payment ecosystem, positioning Waystar to deliver deeper AI‑driven insights across its platform.
Iodine serves more than 1,000 hospitals and health systems, adding a client base that expands Waystar’s total addressable market by over 15%. The integration of Iodine’s clinical data with Waystar’s financial data enhances the platform’s ability to predict denials, automate prior authorizations, and improve revenue capture.
Waystar expects the acquisition to be immediately accretive to gross margin and adjusted EBITDA margin, reinforcing its high‑margin business model. The combined platform will also unlock cross‑selling opportunities across Waystar’s existing client base, accelerating growth.
Barclays served as exclusive financial advisor and Simpson Thacher & Bartlett LLP advised Waystar, while J.P. Morgan Securities and Weil, Gotshal & Manges LLP advised Iodine. The transaction is a strategic move that strengthens Waystar’s competitive moat and positions it for continued expansion in the AI‑powered RCM market.
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