Francisco Partners has completed its all-cash acquisition of Weave Communications, Inc., an AI-powered patient engagement and payments platform for healthcare practices, valued at approximately $650 million. Announced August 18, 2026, completed October 26, 2026. Weave stockholders received $7.40 per share in cash, a 34% premium to unaffected close on August 17, 2026. With completion, Weave ceased trading on NYSE (WEAV) and continues as privately held company under Weave name, HQ Lehi, Utah. The deal positions Weave to accelerate AI investment serving 40,000+ customer locations handling voice and text via agentic AI workflows.
Key Deal Detail
| Detail | Information |
| Acquirer | Francisco Partners (San Francisco, founded 1999) |
| Target | Weave Communications, Inc. (Weave) |
| Acquirer Country | United States |
| Target Country | United States – Lehi, Utah |
| Industry | Private Equity (Acquirer) / Vertical SaaS Healthcare (Target) |
| Deal Type | All-Cash Going Private Acquisition |
| Deal Value | ~$650M equity value, $597.46M consideration to stockholders |
| Per Share | $7.40 cash, 34% premium |
| Payment | All-cash: Fund VII + new debt + Weave cash |
| Announcement | Aug 18, 2026 |
| Completion | Oct 26, 2026 (Shareholder approval Oct 22, 2026) |
| Ticker | NYSE: WEAV delisted Oct 26, 2026 |
Acquirer Company Intro – Francisco Partners
Francisco Partners is a leading global investment firm specializing in technology and technology-enabled businesses, HQ San Francisco, California, founded 1999. Since launch 25+ years ago, invested in over 500 technology companies, $75B+ capital raised to date. Focus on opportunities where deep sectoral knowledge and operational expertise can help realize full potential. Private equity firm focused exclusively on technology. Co-President Ezra Perlman.
Recent deals: AdvancedMD $1.125B Nov 2024, healthcare IT, fintech, enterprise software pattern. Specializes in vertical SaaS buyouts with AI thesis.
Target Company Intro – Weave Communications
Weave Communications, Inc. is a vertical SaaS company delivering AI-powered patient engagement and payments platform purpose-built for modern healthcare practices, HQ 1331 W Powell Way, Lehi, UT 84043, founded 2008 by Clint Berry, Brandon Rodman, Jared Rodman, formerly Recall Solutions LLC (changed Oct 2015). Provides customer communication platform in US and Canada for dental, healthcare practices. Always-on teammate handling voice and text at center of patient journey, agentic AI workflows for scheduling, insurance verification, payments via integrations with practice management systems. Serves 40,000+ locations, 1001-2000 employees, 907 at HQ, G2 Best Software Awards 2026 winner healthcare, CareCredit integration. CEO Brett White. Revenue $239M FY 2025 (+17%), $257.79M TTM.
Deal Structure
| Item | Details |
| Type | All-Cash Going Private via Merger Agreement |
| Parent | Willow Parent LLC (Francisco Partners affiliate) |
| Merger Sub | Willow Merger Sub Inc. merges into Weave |
| Survivor | Weave survives as wholly owned subsidiary |
| Consideration | $7.40 per share cash, no interest |
| Equity Value | ~$650M aggregate, $597.46M paid to stockholders |
| Premium | 34% to unaffected close Aug 17 2026 |
| Funding | Fund VII + new debt + Weave cash |
| Listing | WEAV ceased trading NYSE Oct 26 2026 |
| Timeline | Announced Aug 18, Approval Oct 22 (80,450,446 shares), Close Oct 26 |
| Advisors | Jefferies exclusive financial to Weave, Orrick legal to Weave, Kirkland & Ellis legal to Francisco |
| Multiple | 2.5x Revenue ($258M per Mergr), EV/Revenue 2.204 |
Deal Explain
- All-cash structure = certainty, no stock swap, funded by Fund VII + debt + Weave cash.
- Merger Sub merges into Weave, Weave survives as private subsidiary, continues under same name.
- $7.40/share = 34% premium, attractive exit for public shareholders after pressured financials.
- 2.5x revenue multiple = disciplined PE entry vs public SaaS 4-6x, fits Francisco sub-10x EBITDA pattern.
- Timeline fast: 2 months Aug to Oct close, shareholder approval Oct 22, delisting Oct 26.
Company Finance
| Metric | Francisco Partners | Weave Communications | Combined |
| Founded | 1999 | 2008 | 1999/2008 |
| HQ | San Francisco, CA | Lehi, UT | Lehi HQ continues |
| Revenue | $75B+ capital raised | $239M FY25 (+17%), $63.4M Q4, $257.79M TTM | 2.5x Revenue deal |
| Employees | Deep sector expertise | 1001-2000, 907 HQ, 40k locations | – |
| Profitability | Private | Op Income record $2.3M Q4, $4.1M FY, NRR 93%, Net Income -28.05M | Path to margin expansion |
| Valuation | 500+ tech investments | EV/Revenue 2.204, EV/EBITDA -54.51, $650M EV | $7.40/share |
| Customers | 500+ companies | 40,000+ locations | 40k+ locations |
- Valuation: $650M at 2.5x revenue is cheap vs public SaaS 4-6x, good PE entry.
- Growth: 17% YoY, $239M FY 2025 to $257M TTM, 40k locations driving payments growth.
- Profitability: Operating income record $4.1M FY, NRR 93% shows stickiness, but net loss -28M still.
- Funding: All-cash + debt gives flexibility, private status removes quarterly earnings pressure.
- Moat: Vertical SaaS + payments + CareCredit integration + G2 award = sticky platform.
After Deal
After deal, Weave will continue operations as privately held company under Weave name, maintain HQ in Lehi, Utah, CEO Brett White continues. No longer listed on NYSE, common stock ceased trading Oct 26 2026. With Francisco Partners support, Weave will accelerate investment in AI-powered platform, enhance agentic AI workflows for scheduling, insurance verification, payments, real-time insights. Will remain always-on teammate for 40,000+ locations, handling voice and text at center of patient journey. Expected to expand CareCredit integration, authorized integrations with practice management systems, reduce admin workload for staff. Will focus on long-term product innovation without public market scrutiny, leverage Francisco $75B capital and operational expertise to grow smarter, run payments monetization, and potentially pursue tuck-in acquisitions in healthcare IT. Employees remain, dedication acknowledged by CEO. Future as private vertical SaaS leader in healthcare.
Benefit
- For Francisco: Gets mission-critical platform at center of patient communication and revenue collection at 2.5x revenue, attractive vs 4-6x public comps, leverages 500+ investments expertise.
- For Weave: Gets $75B+ backed partner, accelerates AI investment, removes NYSE quarterly pressure, continues as private with same HQ and CEO.
- For Customers: 40k locations get better AI tools, faster scheduling, insurance verification, payments, real-time insights, run smarter.
- Financial: $4.1M operating income record shows path to margin expansion under private operational control.
- Strategic: CareCredit integration + G2 award + payments moat strengthens healthcare SaaS leadership.
Risk
- Integration: Possible disruption, loss of key personnel, business partners, customers.
- Customer Churn: 40k locations risk if service changes, need to maintain 93% NRR.
- Competition: Healthcare IT crowded, EHR vendors and fintech competition.
- Financial: Pressured liquidity, leverage, net loss -28M, new debt could pressure if growth slows.
- Regulatory: HIPAA, payments compliance, integration dependencies.
- Litigation: Kahn Swick & Foti investigation into adequacy of $7.40 price and process.
Outcome
Francisco Partners completed $650M all-cash buy of Weave at $7.40/share . Weave delisted from NYSE WEAV Oct 26, now private under CEO Brett White with HQ Lehi. With Francisco $75B+ capital & 500+ tech investments, Weave will accelerate AI patient engagement & payments platform. At 2.5x vs public 4-6x, disciplined PE entry with payments moat. Risk: churn, debt, HIPAA. Upside: long-term AI innovation.
Source: Francisco partners media, SEC
