Francisco Partners has agreed to acquire Weave Communications in an all-cash transaction valuing the healthcare software company at approximately $650 million. Under the terms of the definitive agreement, Weave shareholders will receive $7.40 per share in cash.
The price represents a premium of approximately 34% to Weave’s unaffected closing stock price on August 17, 2026, the last full trading day before the transaction was announced.
Once the acquisition is completed, Weave will cease trading on the New York Stock Exchange and become a privately held company.
The transaction was unanimously approved by Weave’s Board of Directors and is expected to close during the fourth quarter of 2026.
Closing remains subject to customary conditions, including approval from Weave shareholders and required regulatory approvals.
Founded in 2008, Weave provides an AI-powered patient engagement and payments platform designed for small and medium-sized healthcare practices.
The company serves more than 40,000 customer locations.
Its software operates across the patient journey, including voice and text communications, scheduling, insurance verification and payments.
Weave has also been integrating agentic AI workflows into its platform to reduce administrative work for healthcare practices and automate operational tasks.
The company said the Francisco Partners transaction will provide additional support for continued investment in its AI platform.
Weave also plans to deepen its payments and revenue cycle management capabilities as it expands the value of its platform for independent healthcare practices.
Following the transaction, Weave will continue operating under its existing name and will maintain its headquarters in Lehi, Utah.
Francisco Partners sees Weave’s position within healthcare practice workflows as a significant strategic asset.
The private equity firm believes healthcare providers are increasingly looking to AI to improve practice efficiency, automate administrative functions and enhance patient service.
Weave’s platform sits between practices and their patients while also handling revenue-related functions, creating a potentially broader opportunity for product expansion.
The company’s board pursued the transaction after reviewing strategic alternatives.
According to Weave Chair Stuart C. Harvey Jr., the board engaged with multiple strategic and financial parties before determining that Francisco Partners’ proposal represented the best available path for shareholders.
The board cited the substantial premium and certainty of the cash consideration in recommending that shareholders approve the transaction.
Francisco Partners plans to support continued product development after Weave becomes private.
The investment firm highlighted opportunities to expand the capabilities Weave delivers to customers through further innovation and broader platform adoption.
Francisco Partners has invested in more than 500 technology companies over more than 25 years and has raised more than $75 billion in capital.
The firm focuses on technology and technology-enabled businesses and has experience investing across vertical software and healthcare.
As of the signing of the agreement, no Weave executive officer had entered into an arrangement with Francisco Partners to roll over equity, invest alongside the buyer or acquire an equity stake in the surviving company.
Support: Jefferies is serving as exclusive financial advisor to Weave. Orrick, Herrington & Sutcliffe is serving as legal counsel to Weave, while Kirkland & Ellis is serving as legal counsel to Francisco Partners.
KEY QUOTES:
“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. More than 40,000 locations rely on us today.”
“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. Today’s announcement represents a compelling outcome for our stockholders, and we look forward to partnering with Francisco Partners, who have an extensive track record in successfully scaling companies at the intersection of vertical software and healthcare, in the next phase of Weave’s journey.”
Brett White, Chief Executive Officer of Weave
“The Weave Board conducted a thorough evaluation of strategic alternatives and spoke with a number of strategic and financial parties. The transaction with Francisco Partners delivers a substantial premium and compelling, certain cash value to our stockholders.”
“The Board unanimously determined that this transaction represents the best path forward for Weave and recommends that stockholders vote in favor of the transaction. On behalf of the entire Board, I want to thank Brett and the Weave team for building a business that has achieved this outcome and is positioned for continued growth.”
Stuart C. Harvey Jr., Chair of the Weave Board of Directors
“Weave is ideally positioned to capitalize on the healthcare industry’s large and growing demand for AI to help optimize their practices and services.”
“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.”
Ezra Perlman, Co-President at Francisco Partners
“Weave has built a differentiated platform, and we see significant opportunity to build on that position through continued product innovation and by expanding the value Weave delivers to its customers.”
“We are excited to partner with the entire team for the next chapter of Weave’s growth.”
Nick Nelson, Principal at Francisco Partners
