Bain Considers Options for Waystar Including Sale

(Bloomberg) -- Bain Capital is considering options for Waystar that could lead to a sale of the health-care technology company, according to people familiar with the matter.

Bain, which created the business by combining Navicure Inc. and ZirMed in 2017, has held early stage discussions about a potential sale of the business, said the people, asking not to be identified as the discussions are private. Waystar could attract interest from companies such as Oracle Corp. and Visa Inc., the people said.

A deal could value the business at more than $3 billion, they said.

Representatives for Bain, Oracle and Visa declined to comment, while a representative for Waystar didn’t respond to requests for comment. A final decision hasn’t been made and Bain could decide against pursuing a sale, the people said.

Dealmaking in the data and information technology segment of health care is heating up as tech and private equity players look to make their mark in the industry. New Mountain Capital is weighing a sale of Equian LLC in a potential deal that could value the health-care payments business at about $3.5 billion, people with knowledge of the matter have said. In December, Veritas Capital and Elliott Management Corp. agreed to buy Athenahealth Inc. for $5.7 billion.

Waystar, based in Louisville, Kentucky, makes tech that helps more than 450,000 healthcare providers manage their revenue cycle, navigating the reimbursement and payments system for patients, hospitals and insurers.

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