LEHI, Utah and SAN FRANCISCO—Weave Communications, Inc. (NYSE: WEAV), a leading AI-powered patient engagement and payments platform purpose-built for healthcare practices, announced it has entered into a definitive agreement to be acquired by Francisco Partners, a leading global investment firm that specializes in partnering with technology companies and technology-enabled businesses. Under the agreement, Francisco partners will acquire Weave at an aggregate equity valuation of approximately $650 million. Following the completion of the transaction Weave will continue to operate under the Weave name and maintain its headquarters in Lehi, Utah, the announcement stated.
Under the terms of the agreement, Weave stockholders will receive $7.40 per share in cash, representing a premium of approximately 34 percent to Weave’s unaffected closing stock price on August 17, 2026, the last full trading day prior to the transaction announcement. Upon completion of the transaction, Weave will cease to trade on the New York Stock Exchange and become a private company.
“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,” said Brett White, chief executive officer of Weave. “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.”
White continued, “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.”
“Weave is ideally positioned to capitalize on the healthcare industry’s large and growing demand for AI to help optimize their practices and services,” said Ezra Perlman, co-president at Francisco Partners. “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.”
Nick Nelson, principal at Francisco Partners, added, “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.”
“The Weave board conducted a thorough evaluation of strategic alternatives and spoke with a number of strategic and financial parties,” said Stuart C. Harvey Jr., chair of the Weave board of directors. “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.”
The transaction is anticipated to close in the fourth quarter of 2026, subject to customary closing conditions, including approval by Weave stockholders and the receipt of required regulatory approvals, the announcement said.
As of the date of the agreement, no executive officer has entered into any agreement with Francisco Partners to roll over equity, invest alongside the buyer, or acquire an equity interest in the surviving company, the announcement stated.
Jefferies LLC is serving as exclusive financial advisor to Weave, and Orrick, Herrington & Sutcliffe LLP is serving as its legal counsel. Kirkland & Ellis LLP is serving as legal counsel to Francisco Partners.
