Weave Communications has agreed to be acquired by private equity firm Francisco Partners in an all-cash deal valued at approximately $650 million, the companies announced Aug. 18. The Lehi-based healthcare software company will pay stockholders $7.40 per share, a roughly 34 percent premium over Weave’s closing stock price on Aug. 17, the last trading day before the announcement.
Once the deal closes, Weave will delist from the New York Stock Exchange, where it has traded under the ticker WEAV since its 2021 IPO, and become a private company. It will keep the Weave name and stay headquartered in Lehi.
A software bet on independent practices
Founded in 2008, Weave built its business on a customer segment many software companies skip: independent dental, optometry, veterinary and medical practices. More than 40,000 practice locations now use its platform for patient communication, scheduling and payments.
“Since our founding in 2008, we have built Weave for a customer most software companies overlook — the independent practices that care for patients in communities across the country,” Brett White, CEO at Weave, says. “Together with Francisco Partners, we will be able to enhance our ability to invest in our AI platform, deepen our payments and revenue cycle management capabilities, and further our vision of a better healthcare experience at every practice.”
The deal follows Weave’s own acquisition push. In May 2025, Weave acquired TrueLark, an AI-powered front-desk automation startup, to expand its agentic AI capabilities for multi-location practices — a move that signaled where Weave wanted to take its platform well before Francisco Partners came calling.
Weave has also been growing steadily as a public company. Its 2025 revenue reached $239 million, up 17 percent from $204.31 million in 2024, and first-quarter 2026 revenue climbed to $65.5 million, a 17.4 percent year-over-year increase.
Francisco Partners, which has raised more than $75 billion in capital and invested in over 500 technology companies since launching in 1999, has been building a healthcare software portfolio. The firm agreed to buy medical software company AdvancedMD for $1.125 billion from Global Payments, and it previously assembled Merative from IBM’s Watson Health data and analytics assets.
“Weave is ideally positioned to capitalize on the healthcare industry’s large and growing demand for AI to help optimize their practices and services,” Ezra Perlman, co-president at Francisco Partners, says. “Its vertical platform sits at the center of how tens of thousands of practices communicate with their patients and collect revenue, a position that is difficult to build and harder still to replicate.”
What happens next
The Weave board unanimously approved the transaction after evaluating strategic and financial alternatives, according to Board Chair Stuart C. Harvey Jr. The deal still requires approval from Weave stockholders and regulatory clearance, and it is expected to close in the fourth quarter of 2026.
Jefferies is serving as Weave’s exclusive financial advisor, with Orrick, Herrington & Sutcliffe as legal counsel. Kirkland & Ellis is representing Francisco Partners.
This article was adapted from a press release by an automated tool and reviewed and edited by an editor for accuracy before publication.
