The Canada Pension Plan Investment Board, along with investment firm EQT Partners, is acquiring a majority stake in Waystar Inc. from Bain Capital valued at $2.7 billion.

Bain Capital will retain a minority interest in Waystar, which provides revenue cycle management software for health-care operations from large hospitals to individual physician offices. The technology, which streamlines payment processes and provides patients with transparency on the prices they pay for health care, uses artificial intelligence and predictive analytics to handle traditionally manual tasks.

Read: CPPIB sells student housing business to Unite Group

“This investment in Waystar provides CPPIB access to a best-in-class platform that delivers critical services and improves efficiency for a broad array of health-care providers,” said Ryan Selwood, managing director and head of direct private equity at CPPIB, in a press release. “The company has both the management team and product portfolio in place to drive significant penetration of its markets. We look forward to collaborating with our partners, EQT and Bain Capital, to support Waystar’s continued growth and value creation for health-care providers and patients.”

The capital provided by EQT and the CPPIB will help the company grow, building on its track record of acquiring and integrating new technologies into its offerings, according to the release.

Read: Ontario Teachers’ investing in SpaceX, CPPIB in British entertainment company

In other investment news, the British Columbia Investment Management Corp. is part of a consortium of investors acquiring Press Ganey Associates Inc., a health-care solutions provider.

The other investors include the GIC Private Ltd., private equity funds managed by affiliates of Ares Management Corp. and Leonard Green & Partners and a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Press Ganey focuses on providing ways to improve safety, quality, patient experience and workforce engagement within more than 41,000 health-care organizations through its digital platform.

“There is significant opportunity to drive improvement across the continuum of care through a shared view of the overall experience of both patients and caregivers,” said Kevin Ryan, partner in the Ares Private Equity Group, in a press release. “We are proud to be part of developing solutions that make a difference in people’s lives every day.”

Read: BCI and partners creating Canadian real estate fund

Copyright © 2020 Transcontinental Media G.P. Originally published on

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required