The acquisition of Lehi-based Weave Communications Inc. by California-based Francisco Partners in an approximately $650 million all-cash transaction is complete.
Weave offers an AI-powered patient engagement and payments platform for healthcare practices. Francisco Partners specializes in partnering with technology and technology-enabled businesses.
Weave will continue operations as a privately held company under the Weave name and maintain its headquarters in Lehi.
Weave stockholders will receive $7.40 per share in cash, representing a premium of approximately 34 percent to Weave’s unaffected closing stock price on Aug. 17, the last full trading day prior to the transaction announcement. With the completion of the transaction, Weave’s common stock has stopped trading and is no longer listed on the New York Stock Exchange.
“Today marks the start of an exciting new chapter for Weave,” said Brett White, Weave CEO. “For nearly two decades, Weave has built solutions for independent practices caring for patients in communities across the country. Today, more than 40,000 locations rely on us to deepen their relationship with patients through automated communication and engagement solutions. With Francisco Partners’ support and resources, we’re well positioned to deliver even more value to the practices we serve. I want to thank our employees, whose dedication made this milestone possible.”
“Weave sits at the center of how tens of thousands of healthcare practices communicate with their patients and collect revenue,” said Ezra Perlman, co-president at Francisco Partners. “We are pleased to officially partner with Brett and the Weave team and see significant opportunity to build on that position through continued product innovation in AI-powered patient engagement and payments solutions.”
Jefferies LLC served as exclusive financial advisor to Weave, and Orrick, Herrington & Sutcliffe LLP served as its legal counsel. Kirkland & Ellis LLP served as legal counsel to Francisco Partners.
Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies. It has raised over $75 billion in capital.
