Weave to Be Acquired by Francisco Partners for $650 Million, 34% Premium

Weave Communications Inc. shares rose about 32% on Tuesday after private equity firm Francisco Partners agreed to acquire the healthcare software company for approximately $650 million.

Under the terms of the deal, Weave shareholders will receive $7.40 per share in cash. That represents a 34% premium to the stock's unaffected closing price on August 17.

Weave to Go Private in $650 Million Deal

The transaction will take Weave private and end its listing on the New York Stock Exchange. The two companies expect the deal to close in the fourth quarter of 2026.

However, the acquisition still requires approval from Weave shareholders and regulators. Weave's board unanimously approved the transaction and recommended shareholders vote in favor.

Jefferies LLC served as Weave's exclusive financial advisor. Orrick, Herrington & Sutcliffe LLP acted as its legal counsel. Kirkland & Ellis LLP advised Francisco Partners.

Francisco Partners Bets on Weave's AI Growth

Weave provides an AI-driven patient engagement and payments platform serving medical practices. More than 40,000 customer locations use its software.

CEO Brett White said the Francisco Partners deal will enable Weave to increase investment in its AI platform. The company also plans to expand its payments and revenue cycle management capabilities.

Francisco Partners sees further growth from medical practices adopting AI to automate operations and improve patient services.

The investment firm has backed more than 500 technology companies and has raised over $75 billion since its founding more than 25 years ago.

WEAV stock performance: Shares were up 31.74% at $7.29 as of Tuesday's publication time.