Tag Archives: Software

Clinisys Acquires Orchard Software

Franciso Partners

Strategic acquisition strengthens Clinisys’s leadership in laboratory informatics across the full spectrum of healthcare, life sciences, and public health.

TUCSON, Ariz.–(BUSINESS WIRE)–Clinisys today announces the acquisition of Orchard Software from Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses. The acquisition brings together two leaders in the LIS market and reaffirms Clinisys’s continued commitment to provide the laboratory informatics marketplace with cutting edge software advancements. The combined capabilities provide for comprehensive, flexible, and scalable informatics offerings that can better serve customers across the global diagnostics market.

“Joining forces with Clinisys marks a powerful new chapter for Orchard,” said Billie Whitehurst, Orchard’s CEO. “Our mission has always been to equip laboratorians with the tools they need to provide high-quality, efficient care. Clinisys shares that commitment and brings the global scale and innovation expertise needed to advance that mission even further.”

“We are excited to welcome Orchard to the Clinisys family,” said Michael Simpson, Clinisys’s CEO. “As a global leader in lab informatics, with over 45 years of domain experience, Clinisys has a clear strategy to create and deliver the next evolution of cloud-based laboratory solutions. As we continue to pursue excellence in developing both our world class solutions and our industry expertise, expanding with Orchard’s proven solution in the physician office, reference, and veterinary laboratory space was a clear decision for us. Together, we can better serve the entire spectrum of lab and diagnostic customers by enabling healthier and safer communities worldwide.”

Francisco Partners acquired Orchard Software in 2019 and since investing in the company, the firm has implemented a strategic transformation of the business, including modernizing Orchard’s product suite, enhancing its cloud solutions, and strengthening its leadership team.

“We are incredibly proud to have partnered with Orchard and supported its growth story over the past few years,” said Anders Mikkelsen, Principal at Francisco Partners. “We would like to thank Billie and the Orchard management team for their outstanding work to position the company for long-term success. Clinisys and Roper Technologies are the ideal strategic partners to support Orchard’s next growth chapter, and we look forward to seeing the company continue to thrive.”

The combination of Orchard’s LIS portfolio and Clinisys’s LIMS and diagnostic solutions creates new opportunities for customers across North America and international markets.

Aeris Partners served as the exclusive financial advisor and Kirkland & Ellis LLP served as the legal advisor to Francisco Partners and Orchard Software.

About Clinisys

Clinisys is a global provider of intelligent laboratory informatics solutions that support a healthier and safer world. Serving healthcare, life sciences, and public health customers, Clinisys is headquartered in Tucson, Arizona; Raleigh, NC; Woking, England; and Ghent, Belgium. Millions of laboratory results and data insights are generated every day using Clinisys’ platform and cloud-based solutions in over 4,000 laboratories across 39 countries. Learn more at www.clinisys.com.

About Orchard Software

Founded in 1993, Orchard Software is a pioneer in laboratory information systems designed to meet the needs of diverse clinical settings. Orchard’s award-winning products are used by more than 2,000 laboratories across the United States in physician groups, hospitals, reference labs, student health centers, veterinary clinics, and public health organizations. Learn more at www.orchardsoft.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and outstanding investors in the technology industry. With more than $50 billion in capital raised, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

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Certivity receives 13.3 million euros for scaling

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Almaz Capital

Certivity receives 13.3 million euros for scaling

The Munich-based RegTech startup Certivity has raised 13.3 million euros in a Series A financing round. The round is led by Almaz Capital and UVC Partners, accompanied by existing investors Earlybird X, High-Tech Gründerfonds (HTGF) and Plug and Play.

The capital will be used to scale the AI-based platform, which digitizes, automates and structures technical compliance processes in companies.

Compliance becomes a competitive advantage

Founded in 2021 by Nico Waegerle, Bogdan Bereczki, Jörg Ulmer and Sami Vaaraniemi, Certivity addresses a fundamental problem in engineering: the immense effort involved in manual work with fragmented regulatory requirements. In some industries, engineers spend up to 50% of their time interpreting legal documents.

Certivity redefines how technical compliance is thought of – efficiently, scalably, future-proof. At a time when regulation is becoming the norm, their solution strikes a chord.

Amanda Birkenholz, Principal at UVC Partners

Certivity’s AI-native SaaS platform transforms these unstructured texts into machine-readable, organized information. In this way, requirements are analyzed, continuously updated and directly integrated into existing development processes. The vision: to make compliance no longer a burden, but a structured, scalable component of technical innovation.

Launch in the automotive industry

Certivity intends to use the fresh capital to accelerate product development, open up new markets and expand the platform to other sectors. In addition to the automotive industry, the focus is on sectors such as medical technology, rail technology, aerospace, defense and consumer goods.

We are transforming compliance from a cost driver into a strategic advantage. Our AI is getting better, our regulatory coverage broader – and our integration deeper.

Nico Waegerle, CEO Certivity

Real-time data, traceability and tool integration

At the heart of the platform is a digitalization pipeline that records regulations from over 50 jurisdictions in a structured manner and organizes them via a regulatory knowledge graph. This creates complete traceability: changes to legislation can be tracked in real time, while changes to regulatory texts are consolidated, classified and translated into technical requirements with the help of AI.

Certivity integrates seamlessly with tools such as Jama, Polarion, DOORS and others. This turns compliance documentation into an end-to-end, auditable part of the development process.

 

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Certivity secures 13.3 million euros

Almaz Capital

The Munich-based RegTech startup Certivity is raising €13.3 million to further develop its technical compliance management platform and accelerate market launch and expansion into new industries and markets.

 July 29, 2025

Certivity raised €13.3 million in a Series A financing round. The round was led by Almaz Capital and UVC Partners. Existing investors such as Earlybird X, High-Tech Gründerfonds (HTGF), and Plug and Play participated again. With the fresh capital, Certivity plans to further develop its AI-powered compliance platform and accelerate market entry. The team also plans to expand into new industries and international markets.

Certivity was founded in 2021 by Nico Wägerle, Bogdan Bereczki, Jörg Ulmer and Sami Vaaraniemi. Regtech companies addresses a central problem in engineering: Compliance with regulatory requirements ties up a lot of engineers’ time – often in the form of manual research and fragmented documentation.

The solution of Certivity: a structured, AI-native SaaS platform, which automatically analyzes, interprets, and translates regulatory documents into product-relevant requirements. The platform supports companies in developing their products faster and in compliance with regulations.

Certivity: Platform for structured compliance processes

“With this funding, we are scaling our platform to become the leading solution in technical compliance – starting with the automotive industry. We are also scaling into other areas such as rail, medical devices, consumer goods, defense, aerospace, and more,”

says Nico Wägerle, CEO and co-founder of Certivity, and adds:

“We’re expanding our regulatory coverage, improving our AI, and deepening integration with common tools. This is transforming compliance from a costly requirement into a competitive advantage for our customers.”

The platform processes content from over 50 jurisdictions using its own digitization pipeline and a regulatory knowledge graph. AI modules analyze different versions of regulatory texts, extract technical requirements, and deliver them in a structured format. Deep integration with other tools enables a seamless and auditable compliance process.

Goal: Scale industrial compliance

“Certivity sets new standards for how compliance is integrated into product development. They solve a large and arduous problem for any company with regulatory requirements,”

explained Amanda Birkenholz, Principal at UVC Partners.

Aniruddha Nazre, General Partner at Almaz Capital, says:

“With some of the largest and most innovative OEMs and Tier 1 suppliers as customers, Certivity has established itself as a leading provider of regulatory compliance in the automotive industry. The goal of the financing is now to expand in two dimensions: 1. In addition to regulatory compliance, the company will also cover technical specifications and industry standards; 2. to expand into various industries such as general mechanical and plant engineering, aerospace, defense, and, in the long term, medical technology.”

In addition to technical development, Certivity is investing in training, onboarding, and customer loyalty – and is further expanding its engineering, product, and sales teams.

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CBPE makes significant investment in Velociti Solutions

CBPE

CBPE has made a significant investment into Velociti Solutions (“Velociti”), a market-leading provider of transportation software.

Velociti is a provider of mission critical operational software to transport providers with a focus on Bus and Rail. Its software automates the complex staffing, compliance and routing requirements across both verticals before, during and after journeys. Velociti operates across the UK, APAC and the Middle East, is Headquartered in Bromsgrove and employs over 100 people across the Group.

The investment has been made alongside Management and existing investor Literacy Capital who will retain a minority stake. CBPE’s investment will help enhance Velociti’s market leadership and support growth through product development, expansion into new international markets and targeted M&A.

CBPE is delighted to be backing an impressive and highly experienced team, led by Jeff Hewitt, CEO, to continue to scale the business by extending the core product portfolio and expanding into new adjacencies and undertaking targeted M&A.

CBPE’s investment in Velociti continues its strong track record of investing in vertical software businesses and in the broader technology services sector. Notable investments include Xceptor (financial services software), The Key (education software), FSP (digital transformation), Mindera (software engineering) and Apadmi (digital products).

Velociti represents the first investment from CBPE Fund XI, which closed at the hard cap of £714m in March 2025 within four months of launch. Fund XI will continue CBPE’s established strategy of backing growing, cash-generative UK & Ireland headquartered businesses with enterprise values of up to £175 million.

Velociti has deep experience in the transport sector, building innovative software to help our clients deliver efficient, safe and reliable transport operations around the world. We are delighted to partner with CBPE and continue our excellent relationship with Literacy Capital who will help us accelerate our ambitious growth plans, both in the UK and internationally, through organic growth and further acquisitions. We are looking forward to working with the CBPE team to deliver on the many opportunities ahead of us.

Jeff Hewitt, CEO
Velociti Solutions

The mission critical nature of Velociti’s software solutions and the demonstrable value that customers receive mean that the business is well placed to continue to benefit from increasing adoption of software solutions in the transport sector. The business has great momentum and is seeing significant traction both in the UK and internationally. We are excited to partner with Jeff, the wider management team and Literacy Capital for the next phase of growth.

Jason Khaksar, Partner
CBPE

Terms of the transaction were not disclosed.

CBPE’s investment in Velociti was led by Jason Khaksar and Tom McDonnell, with support from Maximilian O’Connell and Daniel Rossell. Jason Khaksar and Tom McDonnell will join the Board post-completion.

CBPE were advised by Houlihan Lokey (M&A), Mayer Brown (Legals), JEGI Clarity (Debt Advisory), KPMG (FDD), PwC (CDD, Tax & Structuring), Howden (Insurance) and Anthesis (ESG). Literacy Capital and Management were advised by KPMG (M&A), Hogan Lovells (Legals), CIL (CDD) and PWC (FDD).

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EQT and CPP Investments to acquire NEOGOV, a provider of HR and compliance software for U.S. public sector agencies, from Warburg Pincus and Carlyle

eqt

DSC03016

  • The EQT X fund (“EQT”) and Canada Pension Plan Investment Board (“CPP Investments”) have agreed to acquire NEOGOV, which serves over 10,000 public sector agencies with purpose-built government HR and compliance software solutions
  • NEOGOV’s cloud-native solutions support the full employee lifecycle and help public sector agencies drive efficiency and stay compliant with local policies and regulatory frameworks
  • EQT and CPP Investments will partner with CEO Shane Evangelist and the management team to accelerate growth and expansion, building upon their track records in the US software sector

EQT announced today that the EQT X fund (“EQT”) together with Canada Pension Plan Investment Board (“CPP Investments”) have agreed to acquire NEOGOV (the “Company”) from funds managed by Warburg Pincus and Carlyle.

Founded in 2000 and headquartered in El Segundo, California, NEOGOV delivers purpose-built human capital management and public safety solutions to nearly 10,000 public sector organizations across North America. NEOGOV’s cloud-native suite supports the full employee lifecycle – from recruitment and onboarding to performance management and compliance management – while helping agencies stay compliant with local policies and regulatory frameworks.

“Local governments are the backbone of our communities. Our mission is to help them operate more efficiently and serve citizens more effectively. EQT and CPP Investments share our vision and bring the experience and capital to help us scale faster,” said Shane Evangelist, CEO of NEOGOV. “Our priorities include advancing product innovation and AI capabilities to help public sector agencies drive increased efficiency and compliance adherence. EQT and CPP Investments’ deep expertise in software and broad network of advisors will be instrumental to supporting NEOGOV’s growth.”

“We are excited to partner with Shane and the NEOGOV team, who are operators at the highest levels. The team brings a deep understanding of the challenges that public sector agencies face, and we’re proud to support a company that has earned such trust in the public sector,” said Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Team.

Tyler Parker, Managing Director in the EQT Private Equity advisory team, added: “It’s rare to find a software company that is so well-loved by its customers, and we look forward to partnering with NEOGOV to continue to modernize public sector operations and deliver impactful technology to those on the front lines of civic service.”

“NEOGOV is a leading software platform with distinct customer offerings that is poised for growth due to increasing demand from its customers across North America. Together with its strong management team, the Company is a good fit for our strategy to invest in high-quality software companies. We look forward to supporting the Company in this next phase of development alongside EQT and the management team,” said Sam Blaichman, Managing Director, Head of Direct Private Equity, CPP Investments.

With this transaction, EQT X is expected to be 60 – 65 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

The transaction is subject to customary conditions and approvals and is slated for completion in the coming months. Moelis & Company LLC served as exclusive financial advisor and Willkie Farr & Gallagher served as legal counsel to NEOGOV. Jefferies LLC served as exclusive financial advisor and Ropes & Gray served as legal counsel to EQT.

Contact

EQT: EQT Press Office, press@eqtpartners.com           
CPP Investments: Asher Levine, Public Affairs & Communications, alevine@cppib.com, T: +1 929 208 7939
NEOGOV: Scott Jensen, Vice President of Marketing, sjensen@neogov.net

 

 

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About EQT
EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com.
Follow EQT on LinkedIn, X, YouTube and Instagram

About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2025, the Fund totaled C$714.4 billion.

For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About NEOGOV
Founded in 2000 and headquartered in El Segundo, California, NEOGOV is a leading provider of cloud‑based human capital and compliance management software purpose‑built for the public sector. Its integrated Recruit, Develop, and Manage suite automates every stage of the employee lifecycle—streamlining recruitment, onboarding, talent development, payroll, time & attendance, and policy management for government agencies. Today, more than 10,000 state, local government, and higher education organizations nationwide rely on NEOGOV to attract, hire, develop, and retain talent while staying compliant. The company also operates GovernmentJobs.com—the nation’s largest public sector job board—and includes brands such as PowerDMS and NEOED that extend its platform into public safety and education markets.

For more information, visit www.neogov.com.

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Waystar to Acquire Iodine Software, Accelerating the AI-Powered Transformation of Healthcare Payments

Advent
  • Extends Waystar’s AI leadership into clinical intelligence software, unlocking greater value for clients and shareholders
  • Highly recurring subscription-based business projected to be accretive to Waystar’s financial profile
  • Expected to expand Waystar’s total addressable market by more than 15%
  • Conference call to be held Wednesday, July 23, 2025, at 5:30 p.m. ET

LEHI, Utah, LOUISVILLE, Ky., and AUSTIN, Tex., July 23, 2025 – Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced a definitive agreement to acquire 100% of Iodine Software (“Iodine”) from shareholders led by Advent International, a leading global private equity investor, for a total enterprise value of $1.25 billion. The proposed transaction is expected to accelerate Waystar’s ability to transform healthcare payments through its leading cloud-based software platform, empowering more than one million providers with advanced AI capabilities to prevent denials, reduce manual work, and improve financial performance.

Building on Waystar’s track record of successful M&A execution and synergy realization, Waystar expects the acquisition of Iodine to be immediately accretive to gross margin and adjusted EBITDA margin, and accretive to revenue growth and non-GAAP net income per diluted share in 2027.

Iodine is trusted by many of the nation’s premier health systems for its AI-powered clinical intelligence software. Up to 60 million claims are denied each year due to administrative errors in the critical stage between care delivery and submission, costing providers billions in lost revenue. This highlights the essential role of accurate clinical documentation and coding in preventing revenue leakage and underpayments.

Together, Waystar and Iodine will be better positioned to help decrease the estimated $440 billion in annual administrative costs* burdening providers. Waystar brings a decade-long track record of applying AI pervasively across its software platform to simplify healthcare payments. Iodine extends that leadership into clinical intelligence software, leveraging proprietary AI models trained on one of the industry’s largest clinical datasets, representing more than a third of all U.S. inpatient discharges.

“Our mission is to simplify healthcare payments by eradicating unnecessary denied claims, automating manual work, and increasing transparency for providers and patients,” said Matt Hawkins, Chief Executive Officer of Waystar. “We are committed to transforming healthcare through harnessing the power of AI to tackle the most critical challenges in healthcare payments. Welcoming Iodine’s talented team and clinical intelligence platform to Waystar is a terrific next step in achieving our mission.”

“We are proud to have built a market-leading AI software company in partnership with Advent, Bain Capital Ventures, and Silversmith Capital Partners, and are thrilled to join Waystar, an organization that shares our deep commitment to modernizing the revenue cycle for providers,” said William Chan, Co-Founder and Chief Executive Officer of Iodine Software. “From day one, our focus has been helping hospitals and health systems capture the full value of care through transformational AI. As part of Waystar, we are excited to accelerate that mission and amplify the value delivered to healthcare providers.”

“Our success has been driven by strong partnerships, continuous innovation, and meaningful outcomes,” added Mike Kadyan, Co-Founder and Chairman of Iodine Software. “We look forward to delivering even greater outcomes for providers as part of Waystar’s market-leading platform.”

“It has been a privilege to partner alongside the Iodine team as they have built a category-defining AI-powered revenue cycle platform consistently delivering exceptional ROI to its clients,” said Lauren Young and Carmine Petrone, Managing Directors at Advent. “We are excited to build on that foundation together with Waystar to drive even greater impact across healthcare, empowering organizations to optimize their financial performance.”

Strategic and Financial Benefits

  • Unlocks transformational outcomes across the revenue cycle: Waystar expects to unlock new automation throughout its platform, leveraging Iodine’s industry-leading AI capabilities in clinical documentation integrity, utilization management, and prebill revenue leakage identification to further streamline cumbersome tasks for providers. The addition of these solutions is expected to expand Waystar’s total addressable market by more than 15%.
  • Accelerates AI innovation with clinical intelligence: Integrating Iodine’s unique clinical data assets with Waystar’s expansive data network is expected to enhance the impact and reach of Waystar AltitudeAI™. Waystar expects to create opportunities that quickly expand GenAI applications in prior authorizations, claims management and processing, denial prevention, and appeals. Iodine’s proprietary clinical AI engine, IodineIQ, continuously trains on millions of patient encounters and billions of clinical data points to deliver relevant insights.
  • Deepens relationships with premier health systems: Iodine brings strong adoption and credibility among leading hospitals and health systems. Iodine’s footprint is expected to expand Waystar’s scale and deepen relationships with premier providers. The combined company is expected to serve 17 of the 20 U.S. News Best Hospitals.
  • Strengthens Waystar’s financial profile: Waystar will benefit from Iodine’s fully subscription-based revenue model as well as significant cross-sell potential to both companies’ client bases. In addition, Waystar has identified more than $15 million in run-rate cost synergies, to be realized within the first 18-24 months following closing.

Transaction Details
The transaction will be funded with a 50/50 mix of cash and stock consideration. Upon closing of the transaction, current Waystar shareholders will own approximately 92% of the combined company on a fully diluted, pro forma basis and Iodine equity holders will own approximately 8%. Advent, Iodine’s largest shareholder, is expected to only receive Waystar shares in connection with the transaction and will agree to be locked up for 18 months after closing.

Following the transaction, Waystar expects to maintain a strong balance sheet with an estimated adjusted net leverage ratio at transaction close of approximately 3.5x.

The transaction is anticipated to close by year-end 2025, subject to customary closing conditions and applicable regulatory approvals.

Preliminary Second Quarter 2025 Results
Waystar expects second quarter 2025 revenue to be approximately $271 million, representing approximately 15% year-over-year growth.

The foregoing estimates are preliminary and unaudited and based on management’s initial analysis of operations for the quarter. Waystar looks forward to sharing additional information regarding the company’s second quarter 2025 results as previously scheduled on July 30, 2025.

Advisors
Barclays is serving as exclusive financial advisor, and Simpson Thacher & Bartlett LLP is serving as legal advisor to Waystar.

J.P. Morgan Securities is serving as exclusive financial advisor, and Weil, Gotshal & Manges LLP and Queen Saenz + Schultz PLLC are serving as legal advisors to Iodine.

Conference Call
Waystar will discuss the transaction on a conference call today, Wednesday, July 23, 2025, at 5:30 p.m. Eastern Time. The conference call can be accessed by dialing (800) 715-9871 from the United States and Canada or (646) 307-1963 internationally and using conference code 8810133. A live audio webcast of the conference call will be available on Waystar’s investor relations website at investors.waystar.com/news-events/events. Following the call, an audio replay will be archived on the site.

*CAQH Index Report 2024

About Waystar

Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

About Iodine Software

Iodine Software is the leader in AI-powered clinical intelligence, built to eliminate revenue leakage, lower administrative burden, and ensure accurate reimbursement. Trusted by more than 1,000 hospitals and health systems, Iodine delivers real-time insight and automation across the mid-revenue cycle: connecting clinical documentation, utilization management, and prebill workflows from admission through claim submission. For over a decade, health systems have trusted Iodine to apply the right AI – from machine learning, deep learning, large language models, GenAI, to Agentic AI – to the right use case, consistently delivering reliable, high-impact financial results.

At the core of the platform is IodineIQ, our proprietary Clinical Reasoning Knowledge Engine, featuring a robust clinical condition library and a dataset of millions of patient encounters and billions of clinical data points. IodineIQ mirrors clinical reasoning to surface opportunities, predict outcomes, and guide decisions; ensuring the patient’s clinical picture is fully and accurately reflected in status, documentation, and final codes. Discover more at www.iodinesoftware.com.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management** and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

**Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating results and financial position, including full year 2025, and future periods; anticipated future investments; our industry, business strategy, goals, and deployment of artificial intelligence in our solutions, our market position, offerings, future operations, margins, and profitability. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including any discussion of our guidance for full fiscal year 2025.

The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses (including our proposed acquisition of Iodine); our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients’ timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes, or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients’ and their vendors’ networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform; the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; health care laws and data privacy and security laws and regulations governing our processing of personal information; reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; consumer protection laws and regulations; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act and anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income ; losses due to asset impairment charges; restrictive covenants in the agreements governing our credit facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; our history of net losses and our ability to achieve or maintain profitability; actions of certain of our significant investors, who may have different interests than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2025, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.

Waystar Media Contact

Kristin Lee
kristin.lee@waystar.com

Daniel Yunger / Nick Capuano / Mark Fallati
Kekst CNC
kekst-waystar@kekstcnc.com

Waystar Investor Contact

investors@waystar.com

Iodine Software Media Contact

Michelle White
mjwhite@iodinesoftware.com

Isabella Morreale
SolComms
isabella@solcomms.com

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KX Announces New Chapter of Growth with Strategic Acquisition by TA Associates

TA associates

New York & London — KX, a global leader in real-time, time-series and AI-driven analytics, today proudly announces a new chapter of growth and innovation through a strategic acquisition by TA Associates (“TA”), a leading global private equity firm. Under the agreement, TA has acquired a majority stake in FD Technologies, KX’s parent company, with existing shareholders retaining a minority interest.

After six years as a division of FD Technologies plc, KX will return to private ownership—a significant milestone in the company’s 30-year evolution. With TA’s backing, KX is poised to accelerate its momentum as the platform of choice for industries where real-time performance and AI-driven insight are mission-critical.

KX is purpose-built for the AI era, powering time-sensitive, data-intensive systems across capital markets, aerospace & defense, and high-tech manufacturing. Its platform enables organizations to process and analyze massive volumes of time-series and sensor data in real time, delivering trusted insights that drive automation, predictive modeling, and the foundation for vertical agentic AI systems that operate with context, precision and autonomy.

“Our customers require platforms that do more than store and query data—they need systems that fuel their AI initiatives, power automation, and unlock real-time value from complex environments,” said Ashok Reddy, CEO of KX. “KX is uniquely positioned to serve this demand across the world’s most dynamic industries. With TA’s partnership, we have the freedom and focus to go further, faster—investing deeply in our products, our team, and the outcomes we deliver for customers. This is also a platform for expansion, and together with TA, we intend to build a market leader in every vertical we serve.”

The acquisition enables KX to operate with greater agility and long-term focus, doubling down on its commitment to customers and innovation. It empowers KX to:

  • Accelerate innovation in real-time, AI-driven analytics to support mission-critical decisions
  • Expand platform capabilities to power vertical AI use cases
  • Invest in scalable infrastructure and top-tier technical talent
  • Deliver enduring value across industries by solving complex, high-impact problems

“With the acquisition now complete, we’re thrilled to officially begin our partnership with KX,” said Hythem El-Nazer, Co-Managing Partner of TA. “Having spent decades investing in and scaling enterprise software companies, we’ve seen how category-defining platforms can shape the future of technology. KX, trusted by some of the world’s most sophisticated organizations, stands out for its ability to process time-series and sensor data at speed and scale. As industries increasingly adopt AI-native, streaming-first architectures, we believe KX is well positioned to lead that evolution. We’re proud to partner with the entire KX team as they continue to advance the platform for the next generation of innovation.”

About KX
KX software powers real-time, time-series, and AI-driven analytics across capital markets, aerospace & defense, and high-tech manufacturing. Built for speed, precision, and scale, the KX platform enables organizations to extract actionable insights from streaming, sensor, and historical data to support critical use cases from predictive maintenance and operational automation to real-time simulation and vertical agentic AI. Trusted globally for its proven performance and reliability, KX delivers the data infrastructure enterprises need to thrive in an AI-driven world. www.KX.com

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Sdui Group Secures Strategic Investment to Accelerate its Mission to Become the Operating System for European Schools

BainCapital

Koblenz, Germany and London – July 21, 2025 – Sdui Group, a leading European provider of cloud-based administrative software for K-12 schools, today announced a new growth investment led by Bain Capital’s Tech Opportunities fund, with participation from existing investors HV Capital and High-Tech Gründerfonds (HTGF). The funding will be used to strengthen Sdui Group’s product suite, deepen its support for educational institutions, and further its ambition to become the unified digital platform for education in Europe.

Founded in 2018 in Germany, Sdui Group provides a fully integrated suite that supports schools across administrative needs from communication, attendance, scheduling, grading, and more. Today, Sdui Group serves thousands of institutions across Germany, Austria, Switzerland, and Spain, and is continuing to expand into new regions. Its modern, modular software is trusted by individual schools, districts, and governments to streamline operations. Sdui Group’s suite improves the experience for all stakeholders – teachers, students, administrators, and parents – and gives back valuable time to focus on teaching and learning.

As European school systems face rising complexity, increased digital expectations, and expanding public support and funding for education technology, institutions are looking for modern, reliable platforms that simplify their daily workflows. With a user-first approach and scalable, compliant cloud architecture, Sdui Group is well-positioned to lead this shift.

“This is a moment of transformation for education in Europe,” said James Stevens, a Partner in Bain Capital’s Tech Opportunities business. “Sdui Group is emerging as a trusted and capable partner to help schools navigate that change. Daniel and his team have built a modern, intuitive platform that directly addresses the daily challenges of school administration. We’re excited to support their continued growth and impact across the region.”

Sdui Group has already built strong momentum through both organic growth and acquisitions. The company has successfully integrated several regional software players, expanded its capabilities, and continues to invest in innovation, reliability, and user experience.

“Bain Capital’s approach is unique – they combine strategic vision with real operational support,” said Daniel Zacharias, Founder and CEO of Sdui Group. “They’ve taken the time to truly understand our mission and the realities schools face every day. With their support – and the continued backing of HV and HTGF – we’re accelerating our work to build the digital backbone of European schools.”

“We’ve been proud to back Daniel and Sdui Group since the early days and are thrilled to continue supporting this next phase of growth,” said Felix Klühr, Partner at HV Capital. “Bain Capital’s experience scaling software companies globally makes them a valuable addition to the partnership.”

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About Sdui Group

Founded in Germany in 2018, the Sdui Group has developed into a leading provider of cloud-based software that enables digital communication and administration for schools and educational institutions across Europe. As a reliable partner, Sdui Group supports individual institutions, governments and ministries in their digitalization effort, and develops innovative cloud-based solutions for schools and preschools.

Sdui Group’s suite of tools supports messaging, attendance, scheduling, grading, and more—making everyday school workflows simpler, more secure, and more effective. The company is based in Koblenz, Germany and currently employs around 230 people based in several European countries.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Bain Capital’s Tech Opportunities business (baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

About HV Capital

HV Capital is one of the leading early-stage and growth investors in Europe. With nine fund generations in 25 years and €2.8 bn in managed assets, HV Capital is one of the continent’s most active investors. The investment team has many years of experience in identifying European startups with great potential for success. In addition to international success stories like Flix, Zalando, Delivery Hero, Sumup, and Depop, innovation leaders such as Quantum Systems, Marvel Fusion, Sennder, Neura Robotics, Enpal, and Isar Aerospace are also part of the portfolio. HV Capital has invested in more than 250 internet and technology companies, supporting startups with ticket sizes ranging from €0.5m to €60m. It is one of Europe’s few venture capital firms that can finance startups through all growth phases. HV Capital has a team of more than 60+ investment and operations professionals who provide a variety of perspectives and expertise across the venture capital landscape (hvcapital.com).

About High-Tech Gründerfonds (HTGF)

HTGF is one of the leading and most active early-stage investors in Germany and Europe, financing startups in the fields of Deep Tech, Industrial Tech, Climate Tech, Digital Tech, Life Sciences and Chemistry. With its experienced investment team, HTGF supports startups in all phases of their development into international market leaders. HTGF invests in the pre-seed and seed phase and can participate significantly in further financing rounds, since 2024 with the HTGF Opportunity growth fund. HTGF has a fund volume of over 2 billion euros. Since its inception in 2005, HTGF has financed more than 780 startups and successfully sold shares in almost 200 companies.

The Federal Ministry for Economic Affairs and Energy, KfW Capital and numerous companies are invested in the HTGF seed funds. Investors in the HTGF Opportunity growth fund include the ERP Special Fund and KfW with the resources of the Zukunftsfonds (“Future Fund”). Further information can be found at HTGF.de or on LinkedIn and on the Zukunftsfonds page.

Media Contacts

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 Jason Lobo

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BC Partners agrees to sell majority stake in NAVEX to a consortium led by Goldman Sachs Alternatives, including Blackstone

BC Partners Logo
  • Under BC Partners’ ownership, NAVEX has grown into the global leader in governance, risk and compliance software
  • BC Partners to maintain a significant minority stake post-sale, demonstrating long-term conviction in NAVEX’s growth prospects
  • Transaction maintains BC Partners’ momentum in exits, generating c.€16bn in monetizations over the past 24 months

BC Partners, a leading international investment firm, today announced an agreement with a consortium led by Goldman Sachs Alternatives, including funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”), for the sale of a majority stake in NAVEX (the “Company”), a leading global ethics, risk and compliance management software-as-a-service provider. Under the terms of the agreement, the Private Equity business at Goldman Sachs Alternatives will take a majority shareholding in the firm. Blackstone will also become a significant minority shareholder. Funds managed by BC Partners will retain a significant minority shareholding to support NAVEX’s future growth, demonstrating conviction in the business’s continued success. Vista Equity Partners (“Vista”), an existing minority investor, will fully exit its investment in the company. Terms of the transaction were not disclosed.

BC Partners acquired its majority stake in NAVEX in 2018 in a bilateral transaction, having positioned itself as the partner of choice to the company and existing investor Vista. Leveraging its significant technology sector expertise and owner-operator approach, BC Partners, alongside management, drove significant organic growth and expanded NAVEX’s product capabilities, customer base, and global footprint, becoming the global leader in ethics, risk and compliance management SaaS.

F. Mark Fariborz, Partner and Co-Head, Technology at BC Partners, said “Today, NAVEX is the global leader in ethics, risk and compliance management software, and we are proud of the success we’ve achieved in partnership with management. Together, we launched NAVEX One, the industry’s leading integrated risk and compliance platform, expanded across Europe and North America, and executed several strategic acquisitions. We look forward to partnering with Goldman Sachs Alternatives and Blackstone to support the business in its next phase of growth”.

Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director said, “NAVEX has grown into a premier digital compliance platform that helps thousands of organizations around the world confidently manage complex risks. We are proud to have partnered with them to reach this milestone and wish them continued success moving forward.”

Andrew Bates, CEO of NAVEX, added “BC Partners has been an exceptional partner, helping us scale our platform, grow internationally, and expand our product capabilities. We are excited to join forces with Goldman Sachs Alternatives and Blackstone, whose reach and sector expertise will be invaluable as we continue to innovate and serve risk and compliance departments globally.”

Harsh Nanda, Partner and Head of Technology Private Equity within Goldman Sachs Alternatives, said “Goldman Sachs Alternatives is excited to enter into this new partnership with NAVEX. We would also like to thank BC Partners and Vista for their great stewardship over the past several years and we look forward to working closely with Blackstone and BC Partners in the Company’s next chapter ahead.”

Joon Park, Managing Director at Goldman Sachs Alternatives, said “NAVEX’s exceptional brand strength, global leadership position in its key offerings, and impressive customer base make it well-positioned for continued success and value creation. With support from Goldman Sachs’ global network and the Value Accelerator, together with Blackstone and BC Partners’ extensive track record and experience, we believe NAVEX will be able to bolster its position as the global leader in ethics, risk and compliance management software.”

David Schwartz, a Senior Managing Director at Blackstone, said “NAVEX has established itself as a global leader in ethics, risk and compliance software solutions, empowering companies to build stronger and more resilient organizations. We are thrilled to partner with Goldman Sachs Alternatives and BC Partners and management to support NAVEX’s continued innovation and long-term growth.”

With this transaction, BC Partners has delivered c.€16bn in monetizations over the past 24 months, demonstrating the high quality of businesses and exit optionality which underpin BC Partners’ portfolio and position in the market.

NAVEX was advised by J.P. Morgan and Simpson Thacher & Bartlett LLP. Goldman Sachs Alternatives was advised by Weil, Gotshal & Manges.

The transaction, subject to customary closing conditions, is expected to close later this year.

 

–ENDS —

 

About BC Partners

BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for nearly four decades in developing the European buyout market. Today BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 130 private equity investments and is currently investing its eleventh private equity buyout fund.

For further information, please visit https://www.bcpartners.com/

About NAVEX

Trusted by over 13,000 organizations, including 75% of Fortune 100 and 500 companies, NAVEX is the global leader in risk and compliance solutions. Its NAVEX One platform strengthens risk and compliance programs, empowering organizations with unparalleled industry benchmark data and insights. NAVEX One provides a 360-degree view of enterprise, third party and ecosystem risk for enhanced regulatory compliance and proactive risk management. Based in Lake Oswego, OR, with a global presence, NAVEX continues to shape the future of governance, risk and compliance.

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Regnology to acquire Wolters Kluwer’s Finance, Risk & Regulatory Reporting business unit (FRR)

Nordic Capital

Regnology, a leading software provider with a focus on regulatory reporting solutions, today announced it has entered into a definitive agreement to acquire Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) unit.

The proposed acquisition represents a strategic step in Regnology’s ambition to deliver regulatory intelligence at scale—bringing together complementary capabilities across finance, risk, and regulatory reporting. It also expands Regnology’s presence in key markets and strengthens its ability to support financial institutions with granular data, jurisdiction-specific requirements, and cross-border compliance.

Clients will benefit from a unified platform that combines Regnology’s cloud-first architecture with FRR’s established capabilities, offering scalable solutions for both heritage and cloud-ready environments.

The transaction is expected to close in the coming months, subject to regulatory approvals, applicable employee requirements and customary conditions.

Rob Mackay, CEO of Regnology:
“FRR brings additional expertise and reach that will enhance our ability to serve clients globally. We look forward to supporting clients with a unified platform that helps them modernize their infrastructure, navigate Basel IV, and prepare for the future of regulatory reporting.”

Lisa Nelson, CEO of Wolters Kluwer Financial & Corporate Compliance:
“We are proud of the accomplishments of our Finance, Risk, and Regulatory Reporting teams. Regnology is strategically aligned to build on FRR’s strengths, and we are confident that they are joining an organization that is well-positioned to continue serving customers with excellence while opening new growth opportunities for employees.”

Fredrik Näslund, Partner, Nordic Capital Advisors:
“This agreement reflects Regnology’s continued momentum and innovation in the regulatory technology space. It positions the company to deliver even greater value to financial institutions worldwide. Nordic Capital is truly excited about Regnology’s continued journey.”

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