Matt Hawkins, CEO of Waystar, talks about his company's IPO in a difficult environment for IPOs. The company raised $968 million, making it the largest IPO of the year for a US company.

The company, which works with more than one million healthcare providers using its software in a variety of settings, also took advantage of the IPO to improve its capital structure by reducing its debt.

Waystar, which made around $800 million in sales last year, relies on its cloud-based software incorporating artificial intelligence to automate and optimise processes for healthcare organisations. Hawkins points to high satisfaction rates and lasting customer relationships as key elements of the company's growth strategy.

Waystar's major investors, including EQT, the Canada Pension Plan Investment Board, Bain Capital and Francisco Partners, hold significant stakes but leave the management team free to run the business on a day-to-day basis.


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